Appendix A

FINANCIAL STATEMENTS

Appendix B

APPENDIX

B

GLOSSARY OF SELECTED TERMS

Approval in Principle: This refers to the granting of an initial permit/permission to

any financial institution, pending the time it would meet the necessary

requirements for operations to qualify it for a formal licence.

Balance of Payments (BOP): These are records of economic transactions

between the residents of a country and the rest of the world during a given

period of time. The major components of a BOP are the current account, the

capital and financial account, and the official settlement balance. The current

account comprises transactions arising from the sale or purchase of goods and

services and unrequited transfers, while the capital and financial account is the

record of assets and financial transactions. The official settlement account is

used to equalise any imbalance that may exist in the current and capital

accounts, so that all the BOP accounts sum to zero.

Balance of Payments Position: see Foreign Exchange and Balance of Payments

Position

Bank Credit is a major determinant of the money supply and is the amount of

loans and advances given by the CBN, as well as deposit money banks to

economic agents. This is the banking system credit to the economy which can

be broken down into bank credit to government (net) and the private sector.

Capital Expenditure: Payment for non-financial assets used in the production

process for more than one year. Loan amortisation (capital repayment) is

included.

Cost of Capital is the cost incurred in securing funds or capital for productive

purposes. The cost includes interest rate, legal, administrative and information

8

search charges. This means that the cost of capital is likely to be greater than or

equal to interest rates on loans.

APPENDIX

B

Cost of Funds: This refers to net expenses incurred in raising funds, including a

reasonable profit margin. The expenses include the interest on deposits, reserve

requirements and other administrative expenses, as a proportion of total funds

borrowed.

Credit Risk: Credit risk arises from the potential that an obligor is either unwilling

to perform an obligation, or its ability to perform such an obligation is impaired,

resulting in a loss to the Bank. In addition to direct accounting loss, credit risk

should be viewed in the context of other economic exposures, including

opportunity costs, transaction costs, and expenses associated with non-

performing assets over and above the accounting loss.

Debentures are fixed interest-bearing securities. They are usually of two types,

debenture with a floating charge and debenture with a fixed charge.

Debenture holders are creditors to the company rather than owners.

Debt Stock/GDP: This measures the level of domestic indebtedness relative to

the country’s economic activity.

Discount House is a financial institution devoted to trading in government

instruments (treasury bills, bonds, certificates, and other eligible instruments).

Distressed Banks: These are banks with problems relating to illiquidity, poor

earnings, and non-performing assets. The extreme case of distress is referred to

as insolvency, which implies that a bank’s liabilities are more than its assets.

Dutch Auction System (DAS): This is a method of exchange rate determination,

through auction, where the bidders pay according to their bid rates. The ruling

rate is arrived at with the last bid rate that clears the market where the

authorities elect to operate a single exchange rate.

9

Equity Price Risk: Equity price risk is the risk to earnings or capital resulting from

adverse changes in the value of the equity-related portfolios of a financial

institution. The price risk could relate to changes in the overall level of equity

prices or price volatility that is determined by firm specific characteristics.

Exchange Rate: This is the price of one currency in terms of another.

External Assets: These are the reserves held by the monetary authorities, as well

as the banking and non-bank public, in foreign countries. Thus, external assets

comprise the external reserves and the private sector holdings of foreign

exchange.

APPENDIX

B

External Reserves: These are portions of foreign exchange receipts saved by the

monetary authorities for the purpose of enhancing the creditworthiness of the

economy, protecting the international value of the domestic currency, and

financing temporary shocks in the balance of payments. Reserves are held in

the form of monetary gold, the reserve position at the International Monetary

Fund (IMF), Special Drawing Rights (SDRs), and foreign bank balances.

Federation Account: This is an account opened by the Federal Republic of

Nigeria into which all revenues of the Federation are paid for eventual

distribution to all tiers of government in Nigeria.

Fiscal Deficit refers to the excess of expenditure over revenue of government. It

is usually assessed by its size in relation to the nominal Gross Domestic Product

(GDP). The fiscal deficits may be financed in various ways – external borrowing

and internal borrowing (banking system and non-bank public). It is inflationary

when financed by the banking system, especially the central banks.

Fiscal Operations: This refers to government financial transactions involving the

collection, spending and borrowing of government for a given period.

10

Fixed Deposit Rate: When deposits are for a fixed period of time, say, 90 or 180

days, the interest rates paid are called fixed deposit rates. They normally attract

higher interest rates; early withdrawals may attract penalties in terms of forfeiture

of interest income.

APPENDIX

B

Foreign Exchange: This is a means of international payments. It includes the

currencies of other countries that are freely acceptable in effecting

international transactions.

Foreign Exchange and Balance of Payments Position: The foreign exchange

position is the difference between foreign exchange receipts and foreign

exchange disbursements. If receipts are higher than disbursements, there is a

net inflow or an accretion to reserves. On the other hand, if receipts are lower,

there is a net outflow and the reserves would be depleted. The balance of

payments position is the difference between the receipts by the residents of one

economy from the rest of the world and the payments by these residents to the

rest of the world. An excess of receipts over payments shows a balance of

payments surplus, while the reverse represents a deficit.

When foreign

exchange receipts and payments are adjusted for valuation changes in

reserves, the net position would be identical to the balance of payments

position.

Foreign Exchange Risk: Foreign exchange risk is the current or prospective risk to

earnings and capital arising from adverse movements in currency exchange

rates. Foreign exchange risk may also arise as a result of exposures of banks to

interest rate risk arising from the maturity mismatch of foreign currency positions.

Government Expenditure: Payment or flow of financial resources out of

government.

High-powered Money: see Monetary Base

11

Interbank Interest Rate: This is the rate that applies to transactions among banks,

mostly for overnight and other short-term funds.

APPENDIX

B

Interest Rate is the price of money. It is the opportunity cost of holding money

and the return for parting with liquidity.

Interest Rate Risk: Interest rate risk arises when there is a mismatch between

positions, which are subject to interest rate adjustments within a specified

period. Interest rate risk is usually assessed from two perspectives: the earnings

perspective which focuses on the impact of variation in interest rate on accruals

or reported earnings, and the economic value perspective which reflects the

impact of fluctuations in interest rates on the economic value of a financial

institution.

Interest rate risk also includes risks associated with the term structure of interest

rates and basis risk. Basis risk is also known as spread risk and it arises when a

bank prices its assets and liabilities using different interest rate basis. On the

other hand, risks associated with the term structure of interest rates are also

known as the yield curve risk. The impact of shifts in the yield curve on earnings

is evaluated using stress tests.

Internal Balance: This refers to a state of convergence between domestic

output and absorption or expenditure.

When output is identical with

expenditure, internal balance is considered to have been achieved and the

rate of inflation is expected to be stable. The achievement of the savings-

investment identity is also viewed as internal balance. Monetary and fiscal

policies and external debt management measures are usually applied to

achieve internal balance.

Key Risk Indicator: A key risk indicator is a risk item that has been assessed to be

important, given all relevant factors. This indicator is used to monitor exposure to

12

risks and could be quantitative or qualitative in nature. It should be forward-

looking in order to serve as an effective risk mitigant.

APPENDIX

B

Liquidity Ratio: This ratio is defined as the ratio of total specified liquid assets to

total current liabilities and reflects the liquidity position of a bank.

Liquidity Risk: Liquidity risk is the potential loss to a bank, arising from either its

inability to meet its obligations as they fall due or to fund increases in assets

without incurring unacceptable costs or losses. Liquidity risk should not be seen

in isolation, because financial risks are not mutually exclusive and liquidity risk is

often triggered by consequences of other bank risks, such as credit, market and

operational risks.

Market Capitalisation is the market value of a company’s issued share capital. It

is the product of the current quoted price of shares and the number of shares

outstanding. The term is also used as a performance indicator of the capital

market.

Maximum Lending Rate: This refers to the rate charged by banks for lending to

customers with a low credit rating.

Minimum Rediscount Rate: This refers to the amount that is charged by the CBN

for lending to banks in the performance of its function of lender-of-last resort and

also as a signal of the desired direction of monetary policy.

Monetary Base (or High-powered Money or Reserve Money) comprises certain

liabilities of the CBN and includes currency-in-circulation and total bank

reserves. The main sources of monetary base are the net foreign assets of the

CBN, net claims on government, claims on deposit money banks, and other

assets (net) of the CBN.

Money Supply (or Money Stock) refers to the total value of money in the

economy and this consists of currency outside banks with the non-bank public

13

(notes and coins) and deposits with the deposit money banks (DMBs). For

purposes of policy, there are two variants of money supply in Nigeria – M₁and

M₂. M₁is the narrow measure of money supply which includes currency outside

banks with the non-bank public and demand deposits (current accounts) at the

deposit money banks. M₂is the broad measure of money supply and includes

M₁and savings and time deposits and foreign currency deposits at the DMBs.

Savings and time deposits and foreign currency deposits are also called quasi-

money. M₂measures total liquidity in the economy. Excess liquidity is the

amount of liquidity over and above the optimum level of liquidity, determined

by the levels of output and prices.

APPENDIX

B

Net Foreign Assets (NFA) constitute the foreign exchange holdings of the CBN

and the deposit money banks, after netting out the claims of foreigners.

Changes in NFA should reflect developments in the balance of payments. A

deficit in the balance of payments would lead to a decrease in foreign asset

holdings and, ultimately, the money stock. A surplus in the balance of payments

produces the opposite effect.

New Issues are securities raised in the primary market for the first time.

Nominal Exchange Rate: The nominal exchange rate is the price of one

currency relative to another.

Nominal Interest Rate: This is the actual rental value paid for the use of money or

credit. It includes the effects of inflation and uncertainty.

Offer for Sale is an offer by shareholders to sell existing shares to the public. The

sale is effected usually through stockbrokers and does not affect the capital

base of a company.

Offer for Subscription is an invitation by a company to the public to subscribe to

new issues. This increases the capital base of the company.

14

Open Market Operations involve the discretionary power of the CBN to

purchase or sell securities in the financial markets in order to influence the

volume of liquidity and levels of interest rates which, ultimately, would affect

money supply. When the CBN sells financial instruments, the liquidity (excess

reserves) of the banking system reduces. This restricts the capacity of banks to

extend credit or induce monetary expansion. On the other hand, when the

CBN purchases such instruments, it injects money into the system and banks’

ability to expand credit is enhanced.

APPENDIX

B

Operational Risk: Operational risk is the risk of loss resulting from inadequate or

failed internal processes, people and systems, or from external events.

Operational risk is present in virtually all banking transactions and activities.

Other Assets (net) means the other assets of the CBN and deposit money banks

less (their) other liabilities.

Preference Shares are shares of companies on which dividends must be paid

before any other shares.

Prime Lending Rate: This is the interest rate applied to loans made to customers

with the highest rating. For each bank, this rate also represents the minimum

lending rate.

Prudential Guidelines: These are guidelines and practices which all licensed

banks are required to adhere to in reviewing and reporting their performance,

particularly in the areas of credit portfolio classification and disclosure; the

provision for non-performing facilities and interest accrual; the classification of

other assets; and off-balance sheet engagements.

Real Exchange Rate: This is the nominal exchange rate deflated by change in

relative prices. See also Nominal Exchange Rate

15

Real Interest Rate: This is the nominal interest rate adjusted for expected

inflation. In order to encourage savings, real interest rate is expected to be

positive.

APPENDIX

B

Recurrent Expenditure: Expenditure on goods and services (other than capital

assets) used in the process of production within one year. Interest on loans is

included.

Required Reserves are a fraction of commercial and merchant banks’ money

held for the purpose of backing up their deposit operations and partly to control

the level of liquidity in the economy. They are made up of cash reserves and

liquid assets and specified in the form of ratios. The cash reserves ratio is the

percentage of deposit money banks’ cash deposits with the CBN in relation to

their total demand, savings and time deposits liabilities. The liquidity ratio is the

percentage of banks’ liquid assets to their total deposit liabilities.

Reserve Money: see Monetary Base

Reserve Requirement refers to the proportion of total deposit liabilities which the

deposit money banks are expected to keep as cash in vaults and deposits with

the CBN. The CBN can control the money stock by varying the requirement as

desirable. Usually, banks keep reserves over and above the legal requirement

for safety. The cash ratio requires the deposit banks to keep a certain

proportion of their total deposit liabilities as cash balances with the CBN, while

the liquidity ratio stipulates the proportion of total deposits to be kept in

specified liquid assets, mainly to safeguard the ability of banks to meet

depositors’ cash withdrawals and ensure confidence in the banking system. The

CBN also has powers to call for special deposits from banks for the purpose of

controlling liquidity.

16

Rights Issues are shares offered to companies’ existing shareholders in

proportion to the number of shares held and usually at below the market price

to make the offer attractive.

APPENDIX

B

Savings Deposit Rate: The savings deposit rate is the amount paid by banks for

funds withdrawable after giving seven days’ notice. This restriction is, however,

seldomly applied.

Total Reserves: This is the sum of required reserves and excess reserves.

Vault Cash: Deposit money banks keep “petty cash” in their vaults for

emergency transactions before they can access their accounts with the CBN.

The amount so kept is called vault cash.

Ways and Means Advances constitute a portion of credit by the CBN to

government. These are temporary loans to government to bridge shortfalls in

revenue. Statutorily, the CBN must not give more than 5.0 per cent of

government’s current revenue.

Yield Curve: Shows the relationship between the rate of interest and the time to

maturity of different financial assets.

17

Appendix C

Policy Circulars and Guidelines Issued in 2016

APPENDIX

C

1. BANKING SUPERVISION DEPARTMENT

S/N Name of Circular

Reference No.

Date Issued

1.

Reminder on the Need for Timely Rendition BSD/DIR/GEN/LAB/09/001

of Returns to the Credit Bureaux

January 4, 2016

2.

3.

Violation of Extant Market Rules

Regulatory Access to Information

BSD/DIR/GEN/FMDQ/01/001

BSD/DIR/GEN/LAB/09/003

January 6, 2016

January 19,

2016

4.

Annual Returns on the Rationalization and BSD/DIR/GEN/LAB/09/007

Utilization of Branches and Other Outlets

for Banks in Nigeria

January 29,

2016

5.

6.

7.

8.

9.

Need to Ensure Sanctity of Agreements in BSD/DIR/GEN/LAB/09/014

the Interest of the Financial System

March 8, 2016

March 24, 2016

April 18, 2016

May 23, 2016

June 2, 2016

Review of the Banks Reported Non- BSD/DIR/GEN/LAB/09/021

Performing Loans as at February 2016

Submission of Cybersecurity Framework BSD/DIR/GEN/LAB/09/023

and Processes

Go-Live of SSL VPN for External Access to BSD/DIR/GEN/LAB/09/026

CBN

Compliance

with

Employees,

e.t.c. BSD/DIR/GEN/LAB/09/027

(Declaration of Assets) Act

10. Publication of All Sources and Utilization of BSD/DIR/GEN/LAB/09/032

Foreign Exchange by Market Dealer/DMBs

June 24, 2016

June 27, 2016

11. Implementation of Higher Loss Absorbency BSD/DIR/GEN/LAB/09/030

Requirement

12. Review of Operational Guidelines for BSD/DIR/GEN/LAB/09/033

Blacklisting

June 28, 2016

July 4, 2016

13. Re: Need to Implement Measures to BSD/DIR/GEN/LAB/09/034

Dissuade the Issuance of Dud Cheques in

the Nigerian Banking System

18

14. Mandatory Registration and Listing of BSD/DIR/GEN/LAB/09/035

Commercial Papers

July 12, 2016

APPENDIX

C

15. De-marketing Complaints

BSD/DIR/GEN/LAB/09/036

BSD/DIR/GEN/LAB/09/037

July 19, 2016

July 27, 2016

July 28, 2016

16. Provisioning for Foreign Currency Loans

17. Write-Off of Fully-Provided Non-Performing BSD/DIR/GEN/LAB/09/038

Loans

18. Stress Test on the Impact of the New BSD/DIR/GEN/LAB/09/040

Foreign Exchange Framework on Banks'

August 12, 2016

Capital and Profitability

19. Discontinuation of Prudential Returns BSD/DIR/GEN/LAB/09/043

Rendition through the electronic Financial

September 5,

2016

Analysis Surveillance System (eFASS)

20. United Nations Security Council Resolution BSD/DIR/GEN/LAB/09/044

(UNSCR) 2270 (2016

September 21,

2016

21. Re: Circular to Deposit Money Banks BSD/DIR/GEN/LAB/09/047

October 18,

2016

(DMBs)

Compliance

Compliance Officers

on

Appointment

of

Chief

Officers and

Executive

22. Exposure Draft of the Proposed Framework BSD/DIR/GEN/LAB/09/048

November 3,

2016

on Watch-List for the Nigerian Banking

System

23. Re: Spot Check to Verify the Accuracy of BSD/DIR/GEN/LAB/09/040

the Interest Rates Submitted by Deposit

Money Banks (DMBs) to the CBN for

Weekly Publication

November 11,

2016

24. Hong Kong Authorities Alert the Public on BSD/AML/CON/MIS/04/007

November 12,

2016

the Circulation of Fake Hong Kong Dollar

Notes

25. Minimum Contents for Recovery Plans and BSD/DIR/GEN/LAB/06/002

Requirements for Resolution Planning

November 21,

2016

26. Standby Liquidity Contingency Funding BSD/DIR/GEN/LAB/09/050

Plan

December 19,

2016

27. Guidance Note to Banks and Discount BSD/DIR/GEN/IFR/09/130

Houses on the Implementation of IFRS 9

December 20,

2016

(Financial Instruments) in Nigeria

28. Request for Data on Lending to the BSD/DIR/GEN/LAB/09/051

Nigerian Power Sector

December 23,

2016

19

2.

S/N

FINANCIAL POLICY & REGULATION DEPARTMENT

NAME OF THE CIRCULAR/GUIDELINES

REFERENCE

DATE ISSUED

APPENDIX

C

1.

Reduction in Cash Reserve Requirement (CRR) FPR/DIR/GEN/CIR/01/002

to enhance Banks’ Liquidity for Real Sector

Financing

8/01/2016

2

3

Introduction of Negotiable Current Account FPR/DIR/GEN/CIR/01/003

Maintenance Fee not exceeding N1/Mile

20/01/2016

22/01/2016

Refund of Mandatory Caution Deposit

FPR/DIR/GEN/CIR/01/004

4

5

Circular to Banks and Other Financial Institutions FPR/DIR/GEN/CIR/06/001

– Secured Transactions and National Collateral

Registry for MSME Financing in Nigeria

29/06/2016

01/09/2016

Review of Restrictions and Limits on Level I and II FPR/DIR/GEN/CIR/06/002

of the Tiered KYC Account

6

7

Sanction Grid to Deposit Money Banks that FPR/DIR/GEN/CIR/06/003

Participate under the Central Bank of Nigeria –

Nigeria Electricity Market Stabilization Facility

(“CBN – NEMSF”)

Circular to All Deposit Money Banks on FPR/DIR/GEN/CIR/06/004

enhancement of the minimum qualifications of

Chief Compliance Officers (CCOs) and

appointment of Executive Compliance Officers

(ECOs)

01/09/2016

28/09/2016

3.

S/N

TRADE AND EXCHANGE DEPARTMENT

NAME OF THE CIRCULAR/GUIDELINES

REFERENCE

DATE ISSUED

1.

Cash Deposit into Domiciliary Accounts

TED/FEM/FPC/GEN/01/001 11/01/2016

2

3

4

Notice of Meeting of Foreign Exchange Officers TED/PFO/FPC/GEN/01/002 27/01/2016

of Banks

Returns on Nigerian’s Investments Offshore for TED/PFO/FPC/GEN/01/003 24/06/2016

the Period 2006 - 2016

Sales of Foreign Currency Proceeds of TED/FEM/FPC/GEN/01/004 22/07/2016

International Money Transfers to Bureaux De

Change Operators

5

2016 Hajj Operations: Purchase of Pilgrims TED/FEM/FPC/GEN/01/005 04/08/2016

Traveling Allowance (PTA)

20

6

7

Sales of Foreign Currency Proceeds of TED/FEM/FPC/GEN/01/006 09/08/2016

International Money Transfers to Bureaux De

Change Operators

APPENDIX

C

Foreign Exchange Sales to End Users

TED/FEM/FPC/GEN/01/007 22/08/2016

8

Re: Transactions in “Free Funds” by Authorised TED/FEM/FPC/GEN/01/008 22/08/2016

Dealers

9

Illicit International Money Remittances Through TED/FEM/FPC/GEN/01/009 25/08/2016

the Banking System

10

Portfolio Investment in Nigeria

TED/FEM/FPC/GEN/01/009 01/09/2016

Re: Amendment of Memorandum 21 of the

Foreign Exchange manual

11

Hong Kong Authorities Alert the Public on the TED/FEM/FPC/GEN/01/012 25/11/2016

Circulation of Fake Hong Kong Dollar Bank

Notes

4.

S/N

CURRENCY OPERATIONS DEPARTMENT

NAME OF THE CIRCULAR/GUIDELINES

REFERENCE

DATE ISSUED

1.

Penalty for Shortages and Counterfeits COD/DIR/GEN/CMF/09/077 26/11/2016

Discovered in DMBs’ Deposits

2

3

Deployment of Cash Activity Reporting Portal COD/DIR/GEN/CMF/09/044 14/10/2016

(CARP) for the Banking Industry

Wrong Entries in to Currency Issue Expenses COD/ADM/GEN/MIS/42/056 07/09/2016

(C.I.E.)

4

5

Sorting of Stock of Empty Aluminum Boxes

COD/ADM/GEN/MIS/40/043 21/06/2016

Exemption of Deposit Money Banks from the COD/DIR/GEN/BOA/03/093 24/02/2016

5% Processing Fee on Mutilated Notes

21

5.

BANKING AND PAYMENTS SYSTEM DEPARTMENT

S/N Name of Circular

Reference No.

Date

Issued

29/12/2016

APPENDIX

C

1.

2.

Guidelines on Securities Settlement in Nigeria

BPS/DIR/CIR/01/013

Circular on the Implementation of Interchange BPS/DIR/CIR/03/004

Fee

01/11/2016

18/10/2016

16/09/2016

3.

4.

Amendments to the Guidelines on Transaction BPS/DIR/GEN/CIR/008

Switching in Nigeria

Circular On The Prevention Of Exposure To Banks BPS/DIR/GEN/CIR/03/006

Through Payment Solutions

5.

6.

Circular on Further Extension of BVN for Nigerian BPS/DIR/CIR/01/012

Banks' Customers in Diaspora

8/8/2016

2/8/2016

Circular to all Banks and other Financial BPS/DIR/CIR/03/005

Institutions

7.

BVN Registration of Farmers Under CBN Anchor BPS/DPD/GEN/CIR/01/001

Borrowers Programme (ABP)

21/07/2016

8.

9.

Guidelines on Transaction Switching in Nigeria

BPS/DIR/GEN/CIR/01/011

03/05/2016

Guidelines on Operations of Electronic Payment BPS/DIR/GEN/CIR/01/012

Channels in Nigeria

10. Clarification on Accounts with BVN Related BPS/DIR/GEN/CIR/16/003

Issues

25/02/2016

09/02/2016

11. Guidelines for the Operation of Treasury Single BPS/DIR/GEN/CIR/03/002

Account (TSA) by State Governments in Nigeria

12. Extension of BVN for Nigerian Banks' Customers BPS/DIR/GEN/WEB/01/004

in Diaspora (Revised)

13. Guidelines for Banking Operations in the Free BPS/DIR/GEN/WEB/01/003

Trade Zones in Nigeria

04/02/2016

01/02/2016

14. Collection and Remittance of Statutory Charges BPS/DIR/GEN/DCS/02/008

on Receipts to Nigeria Postal Service under the

Stamp Duties Act

19/01/2016

22

6.

MONETARY POLICY DEPARTMENT

S/N

1.

Name of Communiqué

APPENDIX

C

Central Bank of Nigeria, Communiqué No. 105 of the Monetary Policy Committee Meeting

of Monday 25 and Tuesday 26, January, 2016

2.

3.

4.

5.

Central Bank of Nigeria, Communiqué No. 106 of the Monetary Policy Committee Meeting

of Monday 21 and Tuesday 22, March, 2016

Central Bank of Nigeria, Communiqué No. 107 of the Monetary Policy Committee Meeting

of Monday 23 and Tuesday 24, May, 2016

Central Bank of Nigeria, Communiqué No. 108 of the Monetary Policy Committee Meeting

of Monday 25 and Tuesday 26, July, 2016

Central Bank of Nigeria, Communiqué No. 109 of the Monetary Policy Committee Meeting

of Monday 19 and Tuesday 20, September, 2016

6.

Central Bank of Nigeria, Communiqué No. 110 of the Monetary Policy Committee Meeting

of Monday 21 and Tuesday 22, November, 2016

23

Appendix D: Tables in the Appendices

Table 1

Selected Interest Rates

(Per cent)

2013

2014

2015

2016

2017 /1

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Government Securities

Treasury Bill Issue Rate

Monetary Policy Rate 3/

Deposit Rates (Weighted Average)

Savings

10.33

12.00

12.28

12.00

11.68

12.00

11.42

12.00

12.28

12.00

10.23

12.00

10.02

12.00

10.77

13.00

10.77

13.00

9.95

13.00

10.36

13.00

4.57

11.00

5.53

12.00

8.32

12.00

14.00

13.96

14.00

13.60

14.00

13.50

14.00

13.20

14.00

13.05

14.00

1.77

2.04

2.43

2.53

3.38

3.42

3.43

3.46

3.76

3.60

3.72

3.33

3.26

3.61

4.05

4.18

4.23

4.08

Term Deposits Maturing in:

7 days

1 month

3 months

6 months

12 months

Over 12 months

5.08

7.95

7.99

7.43

6.09

7.38

4.45

7.58

7.49

7.07

5.32

6.19

4.61

7.61

7.41

6.90

4.58

5.26

5.14

7.78

7.96

7.44

5.02

6.81

4.88

8.30

9.47

10.14

9.30

10.28

4.95

8.46

9.30

9.52

9.19

10.00

4.54

8.41

9.31

9.48

9.31

9.72

4.45

8.58

9.48

9.77

9.51

10.14

4.51

8.42

9.02

9.88

9.52

8.70

4.11

9.02

10.27

10.81

10.83

9.79

4.24

9.08

10.61

10.89

11.21

9.87

3.36

7.11

6.91

5.78

4.88

4.55

2.53

7.01

6.90

5.97

5.29

4.61

2.58

6.62

6.92

6.59

5.17

5.32

3.46

7.50

7.68

7.47

5.75

5.05

4.14

8.53

8.80

10.23

10.76

7.90

4.51

8.58

9.11

10.56

10.57

7.87

4.27

8.65

9.01

10.68

11.15

8.58

4.36

9.11

10.26

11.46

11.70

7.24

4.58

9.09

9.61

11.14

10.93

7.41

Lending Rates (Weighted Average)

Prime

16.61

24.49

6.99

17.50

10.39

16.56

24.58

6.35

18.23

11.59

16.76

25.11

6.06

19.05

16.88

17.01

24.90

6.69

18.21

10.75

16.69

25.80

8.73

17.07

10.50

16.50

26.07

8.57

17.50

10.50

16.44

25.77

8.46

17.31

10.89

15.88

25.91

8.66

17.26

26.15

16.90

26.61

8.34

18.27

12.59

17.24

26.84

9.14

17.71

10.85

17.02

26.99

9.32

17.68

8.12

16.96

26.84

5.43

21.41

0.77

16.82

26.93

5.38

21.55

4.32

16.78

26.93

5.53

21.40

35.26

17.09

27.49

6.15

21.34

14.50

17.09

28.55

8.39

20.15

10.39

17.43

30.18

8.54

21.65

13.11

17.59

30.94

8.72

22.22

13.46

17.88

31.39

9.02

22.37

20.44

17.71

30.99

8.79

22.20

9.49

Maximum

Average Term Deposit

Spread (Maximum Lending-Average Term Deposit)

Inter-bank call Rate (weighted average)

/1 Provisional

Source: Central Bank of Nigeria

24

Table 2

Loans Guaranteed under ACGSF by Size and Purpose

(January – December 2017)

5,000 & Below

Amount

5,001 - 20,000

Amount

20,001 - 50,000

Amount

50,001 - 100,000

Amount

Above 100,000

Amount

Total

Amount

Percentage of Total

Amount

Purpose

LIVESTOCK

Poultry

Cattle

Sheep/Goat

Others

Sub-Total

(N' Thousand)

No

2,108

224

93

No

-

2

1

2

-

40.00

20.00

40.00

-

40

12

45

4

1,950.00

550.00

1,980.00

200.00

362

97

18

66

543

35,140.00

8,240.00

1,600.00

6,560.00

51,540.00

1,704

486,606.00

28,320.00

7,240.00

115,820.00

637,986.00

523,736.00

37,130.00

10,860.00

122,580.00

694,306.00

5.68

9.94

0.70

0.21

2.33

13.18

114

28

391

0.60

0.25

1.24

7.77

461

2,886

5

100.00

101

4,680.00

2,237

FISHERIES

10

-

500.00

-

16

800.00

122

11,220.00

1,082

968

332,474.00

225,186.00

1,230

3,684

344,994.00

401,202.60

3.31

6.55

MIXED FARMING

149

1,843.80

1,223

52,287.80

1,344

121,885.00

9.92

7.62

FOOD CROPS

Vegetables

Beans

Soya Beans

Grains

-

1

-

1

-

89

14

7

3,997

1,703

5,810

4,170.00

690.00

350.00

163,119.65

79,652.00

247,981.65

140

100

127

3,519

4,653

8,539

13,100.00

9,440.00

12,340.00

303,774.83

443,595.00

782,249.83

182

66

229

2,012

7,144

9,633

39,575.00

13,670.00

49,580.00

421,180.63

1,653,448.38

2,177,454.01

411

180

363

11,419

13,507

25,880

56,845.00

23,800.00

62,270.00

925,084.16

2,176,825.38

3,244,824.54

1.11

0.48

0.98

30.75

36.37

69.68

1.08

0.45

1.18

17.56

41.32

61.60

5.00

-

5.00

1,890

7

1,897

37,004.05

130.00

37,134.05

Tuber/Roots

Sub-Total

CASH CROPS

Oil Palm

Rubber

Ginger

Cotton

Groundnuts

Cocoa

Sub-Total

-

1

-

1

20.00

-

46

1

7

-

6

63

123

2,145.00

40.00

350.00

-

300.00

3,230.00

6,065.00

348

2

22

-

35

678

1,085

34,640.00

200.00

2,000.00

-

3,260.00

63,850.00

103,950.00

437

4

12

-

39

1,119

1,611

108,840.00

1,500.00

2,470.00

-

7,390.00

250,510.00

370,710.00

832

7

41

145,645.00

1,740.00

4,820.00

-

10,950.00

317,590.00

480,745.00

2.24

0.02

0.11

-

0.22

5.01

7.59

2.76

0.03

0.09

-

0.21

6.03

9.13

-

80

1,860

2,820

20.00

OTHERS

-

2

25.00

88

4,500.00

254

24,550.00

295

72,681.92

639

101,756.92

1.72

1.93

Total

11

505.00

2,054

39,122.85

7,361

316,314.45 11,887

1,095,394.83

15,826

3,816,491.93

37,139

5,267,829.06 100.00

100.00

Source: Central Bank of Nigeria

25

Table 3

Foreign Exchange Flows through the Economy

(US$’ Million)

FOREIGN EXCHANGE FLOWS

INFLOW THROUGH THE ECONOMY

A. Inflow through the CBN

1. Oil

2016 /2

62,748.56

21,066.19

10,180.49

10,885.70

2017 /1

90,997.87

42,172.14

10,369.18

31,802.96

2. Non-oil

B. Through Autonomous Sources

1. Non-oil Export

2. External Account Purchases

3. Invisibles

41,682.36

3,298.47

331.81

48,825.73

2,528.53

89.60

38,052.08

46,207.60

OUTFLOW THROUGH THE ECONOMY

A. Through the CBN

25,553.60

23,164.19

15,818.33

-

33,679.37

23,164.19

21,405.79

-

1. rDAS Utilisation

(I) wDAS/rDAS Sales

(II)Inter-bank-FWD

(III) BDC Sales

(IV) Inter-bank Sales

(V) Swaps

4,167.66

58.42

6,304.60

5,287.65

-

10,535.98

4,158.60

5,600.06

1,111.15

-

(VI) Invisibles IFEM

2. Drawings on L/Cs

3. External Debt Service

149.75

351.15

358.25

422.49

4. Govt. and International/Contributions, Grants&Equity

(AFC Equity Participation)

5. National Indpt Priority Projects (NIPP)

6. Forex Special Payments (Cash Swap/FX Advance to MDAs)

7. Other Official Payments

8. Bank & SDR Charges

Invests.

-

25.16

252.74

4,375.38

0.52

29.99

2.58

123.71

5,429.05

9.74

9. NSIA Transfers

-

10. Funds Returned to Remitters

11. 3rd Party MDA Transfers

89.98

2,101.18

86.97

2,684.19

B. Through Autonomous Sources

1. Imports

2,389.41

720.37

3,126.60

585.68

2. Invisibles

1,669.04

2,540.92

NET FLOW THROUGH THE CBN

NET FLOW

(2,098.00)

37,194.95

11,619.37

57,318.50

1/ Provisional

2/ Revised

Source: Central Bank of Nigeria

26

Table 4

Currency in Circulation

(Naira Billion)

Vault Cash

329.8

Outside Banks Circulation

1,446.7

Year

2013

Month

December

1,776.4

January

February

March

April

May

255.2

299.7

347.8

341.5

312.5

334.8

331.2

286.6

305.1

348.4

346.9

431.3

1,332.9

1,257.9

1,226.2

1,227.7

1,204.8

1,162.0

1,236.6

1,214.5

1,242.8

1,185.2

1,231.0

1,366.7

1,588.1

1,557.6

1,574.0

1,569.2

1,517.2

1,496.7

1,567.8

1,501.1

1,547.9

1,533.6

1,577.9

1,798.0

2014

2015

2016

June

July

August

September

October

November

December

January

February

March

April

May

266.3

320.7

347.3

380.3

356.3

378.4

390.0

397.6

418.5

358.4

372.5

401.8

1,395.4

1,302.0

1,471.1

1,189.0

1,315.1

1,184.0

1,184.5

1,146.9

1,219.0

1,202.0

1,260.7

1,456.1

1,661.7

1,622.7

1,818.4

1,569.2

1,671.3

1,562.3

1,574.5

1,544.6

1,637.5

1,560.4

1,633.2

1,857.9

June

July

August

September

October

November

December

January

February

March

April

May

347.1

334.1

369.7

319.2

353.1

305.5

290.6

310.0

316.9

303.9

320.8

358.8

1,378.0

1,377.5

1,441.4

1,444.4

1,393.7

1,379.0

1,374.1

1,369.5

1,477.4

1,521.8

1,587.1

1,820.4

1,725.1

1,711.6

1,811.1

1,763.5

1,746.7

1,684.6

1,664.7

1,679.5

1,794.3

1,825.7

1,907.9

2,179.2

June

July

August

September

October

November

December

January

February

March

April

May

363.6

366.8

322.6

369.2

377.3

396.4

327.6

345.5

345.7

327.4

342.6

374.6

1,631.0

1,612.1

1,661.0

1,606.6

1,520.6

1,477.1

1,442.2

1,523.2

1,435.3

1,463.8

1,553.5

1,782.7

1,994.6

1,978.9

1,983.6

1,975.8

1,897.9

1,873.5

1,769.8

1,868.7

1,781.0

1,791.2

1,896.2

2,157.2

2017 /1

June

July

August

September

October

November

December

1/ Provisional

Source: Central Bank of Nigeria

27

Table 5

Money Supply and Its Determinants

(Naira Billion)

1.Domestic Credit (net)

14,535,204.72

16,530,990.16

21,612,452.09

26,857,719.34

25,863,280.61

(a) Claims on Federal Government (net)

By Central Bank

By Commercial Banks

-1,656,265.28

-2,289,104.87

596,989.86

36,606.47

-1,624,956.54

-2,141,684.16

456,749.02

61,093.00

2,891,946.66

-1,653,067.50

4,470,267.34

74,746.83

4,875,570.30

109,158.25

4,563,266.39

203,145.66

0.00

3,574,029.08

-420,457.04

3,842,802.34

151,683.77

0.00

By Merchant Banks

By Non Interest Banks

-756.74

-1,114.40

0.00

(b) Claims on Private Sector

By Central Bank

16,191,470.00

4,599,388.32

11,543,649.93

37,919.13

18,155,946.70

4,859,887.74

13,210,053.57

63,714.52

18,720,505.43

5,061,611.28

13,568,543.70

62,845.80

21,982,149.04

5,298,255.90

16,500,150.26

145,180.11

22,289,251.54

5,869,290.36

16,193,858.35

176,742.22

By Commercial Banks

By Merchant Banks

By Non Interest Banks

10,512.62

22,290.88

27,504.65

38,562.77

49,360.61

(i) Claims on State and Local Governments 3/

By Central Bank

By Commercial Banks

779,126.93

0.00

776,698.03

1,428.90

1,000.00

734,194.86

0.00

731,794.86

0.00

2,400.00

585,060.12

0.00

583,817.73

0.00

1,242.40

989,541.97

300,379.00

681,830.36

6,272.36

1,494,813.41

590,415.00

892,044.23

6,285.23

By Merchant Banks

By Non Interest Banks

1,060.25

6,068.95

(ii) Claims on Non-Financial Public Enterprises

By Central Bank

By Commercial Banks

23,578.28

0.00

25,590.35

0.00

25,588.01

0.00

25,603.30

0.00

27,524.42

0.00

By Merchant Banks

By Non Interest Banks

0.00

(iii) Claims on Other Private Sector

By Central Bank

15,388,764.78

4,575,810.04

10,766,951.89

36,490.23

17,396,161.50

4,834,297.39

12,478,258.71

63,714.52

18,109,857.30

5,036,023.27

12,984,725.98

62,845.80

20,967,003.77

4,972,273.60

15,818,319.90

138,907.76

20,766,913.71

5,251,350.94

15,301,814.12

170,456.99

By Commercial Banks

By Merchant Banks

By Non Interest Banks

9,512.62

19,890.88

26,262.25

37,502.52

43,291.66

(2) Foreign Assets (net) 4/

By Central Bank

8,658,649.73

7,043,927.36

1,611,727.94

1,089.63

7,214,268.10

6,244,718.92

972,774.36

-6,373.02

5,653,320.37

5,545,320.51

125,384.36

-18,785.78

1,401.28

9,149,659.29

8,790,652.82

346,200.38

11,711.36

14,813,278.66

14,427,134.20

422,361.51

-41,666.45

5,449.39

By Commercial Banks

By Merchant Banks

By Non Interest Banks

1,904.80

3,147.84

1,094.72

(3) Other Assets (net)

Total Monetary Assets

-7,504,890.90

15,688,963.55

-6,926,771.55

16,818,486.71

-7,235,941.34

20,029,831.12

-12,415,646.05

23,591,732.58

-16,675,147.08

24,001,412.19

Quasi-Money 5/

Money Supply

8,656,124.80

7,032,838.75

1,446,660.40

5,586,178.35

10,566,560.11

6,251,926.60

1,366,662.53

4,885,264.07

11,458,129.82

8,571,701.30

1,456,096.85

7,115,604.46

12,320,225.75

11,271,506.82

1,820,415.90

9,451,090.92

12,965,060.24

11,036,351.95

1,782,664.58

9,253,687.37

Currency Outside Banks

Demand Deposits 6/

Total Monetary Liabilities

15,688,963.55

16,818,486.71

20,029,831.12

23,591,732.58

24,001,412.19

GROWTH RATE OVER THE PRECEDING DECEMBER (%)

Credit to the Domestic Economy (net)

Credit to the Private Sector

Claims on Federal Government (net)

By Central Bank

Claims on State and Local Governments

Claims on Non-Financial Public Enterprises

Credit to the Other Private Sector

Foreign Assets (net)

Other Assets (net)

Quasi-Money

Money Supply (M1)

Broad Money (M2)

14.47

6.86

32.50

35.96

17.01

13.73

12.13

1.89

6.44

-5.77

8.53

13.04

-16.68

7.70

22.07

-11.10

7.20

12.13

3.29

151.45

22.81

9.08

-0.01

3.12

-18.71

1.08

24.27

17.42

68.59

106.60

69.14

0.06

15.78

61.85

-71.58

7.52

-3.70

1.40

-26.70

-485.18

51.06

7.50

-0.95

61.90

-34.31

5.23

-2.09

1.74

6.23

-4.26

-19.92

7.36

-5.23

1.32

-4.58

24.14

5.90

31.50

17.78

NOTES :

1/ Revised

2/ Provisional

3/ For the purpose of monetary and credit survey, credit to government sector refers strictly to the Federal Government and excludes state and local governments.

4/ External assets and liabilities were converted into naira at the official rate on the balance sheet date, except holdings purchased at the AFEM.

5/ Quasi-Money consists of Time, Savings and Foreign Currency Deposits of Commercial, Merchant and Non-Interest Banks, excluding takings from Discount

Houses.

6/ Demand Deposits consist of state, local and parastatals deposits at the CBN; state, local and private sector deposits as well as demand deposits of

non-financial public enterprises at commercial, merchant and non-interest banks.

28

Source: Central Bank of Nigeria

29

Table 6

Banking System Credit to the Economy /1

(Naira Million)

End of Month

Aggregate

Credit to

the Economy

Credit to

Federal

Govt

Credit to

Private

Sector

Credit to

Central Bank Credit to

Deposit Money Banks Credit to

State &Local Non-Financial 'Other' Private

Federal

Private

Sector

State &Local Non-Financial 'Other' Private

Federal

Government

Private

Sector

State & Local 'Other'Private

Governments

Public

Sector

Government

Governments

Public

Sector

Governments

Sector

Enterprises

2013

January

February

March

April

May

June

July

August

September

October

November

December

Monthly Average

2014 /1

January

February

March

April

May

June

July

12,489,950.8 -2,502,762.4 14,992,713.2

12,808,673.4 -2,276,494.7 15,085,168.1

12,740,967.9 -2,520,968.2 15,261,936.1

13,205,410.9 -2,202,764.5 15,408,175.4

13,235,702.5 -2,249,527.4 15,485,229.9

13,149,382.5 -2,542,654.4 15,692,036.9

13,820,873.5 -1,975,740.9 15,796,614.4

13,187,680.0 -2,913,532.9 16,101,212.8

13,087,907.2 -3,191,362.4 16,279,269.6

13,627,297.3 -2,649,138.7 16,276,436.0

14,092,904.4 -2,358,883.3 16,451,787.7

14,535,204.7 -1,656,265.3 16,191,470.0

13,331,829.6 -2,420,007.9 15,751,837.5

680,685.4

649,633.7

662,014.3

690,871.3

652,143.0

661,034.9

723,398.1

724,922.2

704,921.5

708,413.3

732,202.6

779,126.9

697,447.3

0.0

14,312,027.9 -3,538,254.0 4,698,428.5

14,435,534.4 -3,351,341.3 4,741,575.2

14,599,921.8 -3,375,852.3 4,754,751.8

14,717,304.1 -3,041,688.8 4,795,017.2

14,833,086.9 -3,022,021.9 4,687,396.6

15,031,002.0 -3,519,920.5 4,703,313.2

15,073,216.3 -2,854,748.1 4,651,415.6

15,376,290.6 -3,007,231.7 4,638,051.2

15,574,348.2 -2,990,577.3 4,820,183.7

15,568,022.7 -2,735,348.5 4,835,381.8

15,719,585.1 -2,606,418.5 4,829,926.2

15,388,764.8 -2,289,104.9 4,599,388.3

0.0

4,698,428.5 1,035,491.6

4,741,575.2 1,074,846.5

10,294,284.7

10,343,592.9

10,507,184.3

10,613,158.2

10,797,833.4

10,988,723.7

11,145,198.8

11,463,161.6

11,459,085.9

11,441,054.3

11,621,861.5

11,592,081.7

11,022,268.4

680,685.4

649,633.7

662,014.3

690,871.3

652,143.0

661,034.9

723,398.1

724,922.2

704,921.5

708,413.3

732,202.6

779,126.9

697,447.3

9,613,599.3

9,693,959.2

9,845,170.0

9,922,286.9

10,145,690.3

10,327,688.8

10,421,800.7

10,738,239.4

10,754,164.4

10,732,640.9

10,889,658.9

10,812,954.7

10,324,821.1

4,754,751.8

4,795,017.2

4,687,396.6

4,703,313.2

4,651,415.6

4,638,051.2

4,820,183.7

4,835,381.8

4,829,926.2

4,575,810.0

4,727,604.2

854,884.1

838,924.3

772,494.5

977,266.1

879,007.2

93,698.8

-200,785.1

86,209.8

247,535.2

632,839.6

607,701.0

0.0

23,578.3

1,964.9

23,578.3

1,964.9

15,052,425.4 -3,027,709.0

4,729,569.1

15,585,742.8

15,681,565.8

15,895,639.5

15,837,848.6

15,763,644.0

-478,512.5 16,064,255.3

-712,493.7 16,394,059.5

-618,593.8 16,514,233.3

-938,408.4 16,776,257.0

-971,628.1 16,735,272.1

791,235.1

748,611.2

756,726.5

758,162.6

760,566.4

733,441.2

740,748.3

735,423.1

726,150.2

763,930.8

727,620.2

734,194.9

748,067.5

33,009.9

26,006.2

23,587.7

25,590.3

24,741.3

15,240,010.4 -1,103,713.9 4,611,683.9

15,619,442.2 -1,306,751.9 4,644,813.2

15,733,919.1 -1,281,773.9 4,635,983.4

15,994,506.7 -1,546,103.0 4,711,258.2

15,951,118.0 -1,854,662.8 4,701,546.1

16,224,986.9 -2,913,883.1 4,702,336.0

16,503,247.2 -2,877,803.5 4,695,207.2

16,656,040.3 -2,739,737.3 4,697,098.0

16,931,244.4 -2,579,437.6 4,697,821.7

17,081,929.1 -2,527,660.6 4,950,410.2

17,377,288.3 -2,562,867.5 4,884,003.6

17,396,161.5 -2,141,684.2 4,859,887.7

0.0

33,009.9

26,006.2

23,587.7

25,590.3

24,741.3

4,578,674.0

4,618,807.1

4,612,395.7

4,687,670.4

4,677,958.4

4,678,748.3

625,201.4

594,258.2

663,180.0

607,694.6

883,034.7

940,279.2

11,452,571.4

11,749,246.3

11,878,250.0

12,064,998.8

12,033,726.0

12,279,679.8

12,572,376.0

12,717,953.1

12,983,160.7

12,919,037.4

13,244,492.6

13,296,059.0

12,432,629.3

791,235.1

748,611.2

756,726.5

758,162.6

760,566.4

733,441.2

740,748.3

735,423.1

726,150.2

763,930.8

727,620.2

734,194.9

748,067.5

10,661,336.3

11,000,635.1

11,121,523.4

11,306,836.3

11,273,159.6

11,546,238.6

11,831,627.8

11,982,530.0

12,257,010.5

12,155,106.6

12,516,872.5

12,561,864.1

11,684,561.7

15,008,411.8 -1,973,603.9 16,982,015.7

15,602,434.4 -1,665,148.7 17,267,583.2

15,668,815.3 -1,746,235.8 17,415,051.1

16,095,936.3 -1,585,046.1 17,680,982.4

16,297,685.1 -1,571,762.5 17,869,447.6

16,380,290.6 -1,748,205.6 18,128,496.2

16,530,990.2 -1,624,956.5 18,155,946.7

15,862,417.0 -1,302,883.0 17,165,300.0

4,671,619.4 1,212,654.8

August

4,673,510.3

4,674,234.0

4,926,822.5

4,860,415.8

4,834,297.4

4,707,929.4

993,501.5

994,391.5

955,898.1

814,661.9

516,727.6

816,790.3

September

October

November

December

Monthly Average

2015

16,392,491.2 -2,119,673.3

4,732,670.8

January

February

March

April

May

June

July

August

September

October

November

December

Monthly Average

20,148,715.4 1,973,084.7 18,175,630.7

20,485,155.9 1,732,411.5 18,752,744.4

20,635,772.0 1,985,433.7 18,650,338.3

19,990,580.1 1,590,233.2 18,400,346.9

21,042,266.9 2,363,590.7 18,678,676.3

21,409,774.2 2,511,101.1 18,898,673.1

21,542,547.3 2,875,906.7 18,666,640.6

21,393,011.5 2,760,460.3 18,632,551.2

21,519,790.1 2,786,333.5 18,733,456.6

21,348,605.0 2,260,615.0 19,087,990.0

20,470,803.5 1,762,749.4 18,708,054.1

21,612,452.1 2,891,946.7 18,720,505.4

20,966,622.8 2,291,155.5 18,675,467.3

471,271.6

523,282.4

544,585.7

534,687.4

483,597.1

472,792.8

501,885.9

416,312.6

398,264.4

444,594.5

503,201.6

585,060.1

489,961.3

25,588.0

23,587.7

25,588.0

51,033.5

25,588.0

192,913.6

468,281.2

25,588.0

78,376.7

17,678,771.1 -1,737,093.9 4,859,710.4

18,203,873.9 -1,723,079.6 4,883,528.4

18,080,164.6 -1,563,080.2 4,918,937.3

17,842,071.7 -1,545,824.2 4,711,258.2

0.0

25,588.0

23,587.7

25,588.0

51,033.5

25,588.0

192,913.6

468,281.2

25,588.0

78,376.7

4,834,122.3 3,710,178.6

4,857,940.4 3,455,491.0

4,893,349.3 3,548,513.9

4,687,670.4 3,136,057.4

4,908,109.4 3,201,306.9

5,042,038.0 3,280,618.5

5,040,397.0 3,235,770.4

5,081,729.9 3,295,637.8

5,082,334.9 3,828,520.6

5,067,541.4 4,086,880.3

5,067,331.4 4,208,514.1

5,036,023.3 4,545,014.2

4,966,549.0 3,627,708.7

13,315,920.3

13,869,216.0

13,731,401.0

13,689,088.7

13,744,978.9

13,805,601.6

13,600,655.5

13,525,233.4

13,458,208.1

13,552,167.5

13,615,134.7

13,658,894.2

13,630,541.6

471,271.6

523,282.4

544,585.7

534,687.4

483,597.1

472,792.8

501,885.9

416,312.6

398,264.4

444,594.5

503,201.6

585,060.1

489,961.3

12,844,648.7

13,345,933.6

13,186,815.4

13,154,401.3

13,261,381.8

13,332,808.8

13,098,769.6

13,108,920.7

13,059,943.7

13,107,573.0

13,111,933.1

13,073,834.0

13,140,580.3

18,169,491.1

18,374,846.7

18,139,166.6

18,190,650.6

-837,716.2 4,933,697.4

-769,517.4 5,093,071.5

-359,863.7 5,065,985.1

-535,177.5 5,107,317.9

18,142,278.6 -1,042,187.1 5,275,248.5

18,175,114.4 -1,826,265.3 5,535,822.5

18,179,264.5 -2,445,764.7 5,092,919.4

18,109,857.3 -1,653,067.5 5,061,611.3

18,107,129.3 -1,336,553.1

5,044,925.7

Source: Central Bank of Nigeria

30

Table 6 Cont.

Banking System Credit to the Economy 1/

(Naira Million)

End of Month

Aggregate

Credit to

the Economy

Credit to

Federal

Govt

Credit to

Private

Sector

Credit to

Central Bank Credit to

Deposit Money Banks Credit to

State &Local Non-Financial 'Other' Private

Federal

Private

Sector

State &Local Non-Financial 'Other' Private

Federal

Government

Private

Sector

State & Local 'Other'Private

Governments

Public

Sector

Government

Governments

Public

Sector

Governments

Sector

Enterprises

2016

January

February

March

April

May

June

July

August

September

October

November

December

Monthly Average

22,358,143.3 3,417,394.8 18,940,748.6

22,568,685.7 3,516,381.2 19,052,304.5

22,664,815.7 3,781,378.7 18,883,437.0

23,312,346.2 3,932,580.4 19,379,765.8

23,070,907.8 4,031,554.4 19,039,353.4

24,623,626.7 3,171,443.5 21,452,183.3

25,424,599.1 3,004,853.1 22,419,746.0

26,356,276.3 3,550,157.1 22,806,119.2

26,254,661.0 3,514,975.1 22,739,685.8

26,700,723.5 3,520,265.4 23,180,458.1

26,695,865.7 3,579,216.8 23,116,648.9

26,857,719.3 4,875,570.3 21,982,149.0

24,740,697.5 3,657,980.9 21,082,716.6

614,996.1

687,443.0

669,147.4

690,029.3

729,488.7

729,427.5

763,867.9

887,056.7

833,146.2

871,631.5

923,449.1

989,542.0

782,435.5

190,138.9

286,200.7

170,006.9

595,990.6

187,291.8

319,694.1

319,785.5

428,581.3

345,937.0

552,999.6

376,976.1

25,603.3

18,135,613.6 -1,388,814.5 5,212,402.5

18,078,660.8 -1,342,344.5 5,302,035.0

0.0

190,138.9

286,200.7

170,006.9

595,990.6

187,291.8

319,694.1

319,785.5

428,581.3

345,937.0

552,999.6

376,976.1

25,603.3

5,022,263.6 4,806,209.3

5,015,834.4 4,858,725.8

4,996,678.3 4,632,087.5

4,999,639.7 4,553,786.2

5,050,137.3 4,387,890.2

5,055,446.9 4,357,205.1

5,164,210.7 4,471,759.8

5,431,606.6 4,603,032.8

5,552,935.1 4,790,268.0

5,660,190.2 4,698,183.0

5,732,451.9 4,507,122.9

4,972,273.6 4,766,412.1

5,221,139.0 4,619,390.2

13,728,346.1

13,750,269.4

13,716,751.9

13,769,555.2

13,787,344.0

16,049,242.3

16,888,489.8

16,802,761.3

16,694,863.8

16,783,544.2

16,784,611.9

16,683,893.1

15,453,306.1

614,996.1

687,443.0

669,147.4

675,449.0

714,908.4

701,627.5

716,607.9

743,886.7

687,196.2

687,907.5

700,840.1

689,163.0

690,764.4

13,113,350.0

13,062,826.5

13,047,604.5

13,094,106.1

13,072,435.6

15,347,614.8

16,171,881.9

16,058,874.6

16,007,667.6

16,095,636.7

16,083,771.8

15,994,730.2

14,762,541.7

18,044,282.8

18,093,745.9

18,122,572.9

-850,708.8 5,166,685.1

-621,205.8 5,610,210.6

-356,335.8 5,252,009.4

14,580.3

27,800.0

47,260.0

143,170.0

145,950.0

183,724.0

222,609.0

300,379.0

91,671.1

20,403,061.6 -1,185,761.7 5,402,940.9

21,336,092.6 -1,466,906.7 5,531,256.2

21,490,481.1 -1,052,875.7 6,003,357.9

21,560,602.6 -1,275,292.9 6,044,822.1

21,755,826.9 -1,177,917.6 6,396,913.8

21,816,223.7

20,967,003.8

19,983,680.7

-927,906.1 6,332,037.0

109,158.3 5,298,255.9

316,600.5

-961,409.3

5,629,410.5

316,600.5

2017 /2

January

February

March

April

May

June

July

August

September

October

November

December

Monthly Average

26,508,030.4 4,629,967.2 21,878,063.2

27,209,343.4 4,977,649.8 22,231,693.6

27,675,371.9 5,303,542.0 22,371,829.9

27,514,336.9 5,270,202.6 22,244,134.3

26,836,772.5 4,811,650.0 22,025,122.5

27,236,433.6 5,250,486.4 21,985,947.2

28,033,384.6 5,861,018.0 22,172,366.6

26,821,446.8 4,824,226.2 21,997,220.6

26,985,305.2 4,963,406.0 22,021,899.2

27,174,805.8 5,245,888.6 21,928,917.2

26,349,068.5 4,392,408.3 21,956,660.2

25,863,280.6 3,574,029.1 22,289,251.5

27,017,298.4 4,925,372.9 22,091,925.5

1,037,043.8

1,034,854.8

1,089,377.9

1,108,334.4

1,192,134.9

1,180,310.1

1,210,952.6

1,237,218.2

1,257,114.9

1,242,820.0

1,594,910.6

1,494,813.4

1,223,323.8

28,047.2

198,307.1

282,369.6

336,371.4

120,015.8

32,984.5

70,482.6

75,256.5

27,399.5

33,887.2

27,478.4

27,524.4

105,010.3

20,812,972.1

20,998,531.8

21,000,082.4

20,799,428.5

20,712,971.8

20,772,652.6

20,890,931.4

20,684,745.9

20,737,384.8

20,652,210.0

20,334,271.2

20,766,913.7

20,763,591.3

-383,336.3 5,339,255.0

-274,044.2 5,665,760.9

191,425.9 5,792,858.8

492,821.7 5,730,338.5

113,808.0 5,662,247.0

232,806.3 5,692,288.3

807,403.3 5,871,157.2

-194,244.3 5,580,612.7

-137,860.1 5,532,614.4

-50,343.6 5,541,110.6

-558,140.3 5,712,637.1

-420,457.0 5,869,290.4

338,153.0

340,375.0

379,260.0

418,145.0

495,915.0

530,915.0

538,115.0

590,415.0

482,221.1

28,047.2

198,307.1

282,369.6

336,371.4

120,015.8

32,984.5

70,482.6

75,256.5

27,399.5

33,887.2

27,478.4

27,524.4

105,010.3

4,973,054.7 5,013,303.6

5,127,078.9 5,251,693.9

5,131,229.3 5,112,116.1

4,975,822.1 4,777,380.9

5,046,316.2 4,697,842.0

5,163,388.8 5,017,680.1

5,269,759.5 5,053,614.7

4,974,441.2 5,018,470.6

4,967,099.9 5,101,266.1

4,969,108.4 5,296,232.2

5,094,743.7 4,950,548.7

5,251,350.9 3,994,486.1

5,078,616.1 4,940,386.3

16,538,808.2

16,565,932.7

16,578,971.1

16,513,795.8

16,362,875.5

16,293,658.9

16,301,209.4

16,416,607.9

16,489,284.8

16,387,806.7

16,244,023.1

16,419,961.2

16,426,077.9

698,890.8

694,479.8

710,117.9

690,189.4

696,219.9

684,395.1

680,037.6

706,303.2

718,999.9

704,705.0

1,004,495.6

904,398.4

741,102.7

15,839,917.4

15,871,452.9

15,868,853.2

15,823,606.4

15,666,655.6

15,609,263.8

15,621,171.9

15,710,304.7

15,770,284.8

15,683,101.7

15,239,527.5

15,515,562.8

15,684,975.2

-15,013.4

5,665,847.6

1/ Revised

2/ Provisional

Source: Central Bank of Nigeria

31

Table 7

Summary of Deposit Money Banks’ Activities

(Naira Million)

2013

2014

2015

2016 /1

2017 /2

2013

2014

2015

2016 /1 2017 /2

Item

Reserves /3

3,794,118.56

12,207,717.51

6,677,225.03

24,468,368.48

13,825,188.77

5,169,063.97

8,656,124.80

1,614,722.37

262,170.55

5,522,612.24

16,437,093.55

12,175,750.47

27,581,647.55

15,234,775.34

4,668,215.23

10,566,560.11

969,549.18

5,097,605.47

18,091,452.53

12,262,502.40

28,369,031.69

17,343,986.35

5,885,856.53

11,458,129.82

107,999.86

4,997,153.93

21,296,805.72

15,076,668.21

32,130,449.38

18,521,914.63

6,201,688.88

12,320,225.75

359,006.47

7,613,040.67

20,232,569.71

14,777,941.92

35,146,836.65

19,384,722.34

6,419,662.10

12,965,060.24

386,144.46

1,003,885.20

5,966,426.80

3,451,298.49

2,515,128.31

8.98

45.56

-7.70

10.06

0.71

-1.97

17.72

22.95

13.26

6.79

5.37

7.52

232.41

35.51

12.54

7.90

52.35

-5.00

-1.98

9.39

4.66

3.51

5.23

7.56

1.17

4.95

-7.85

29.66

Aggregate Credit (Net)

Loans and Advances

Total assets

Total Deposit Liabilities

Demand deposits

Time, Savings & Foreign Currencies Deposits

Foreign Assets (Net)

Credit from Central Bank

Capital Accounts

Capital & Reserves

Other Provisions

-9.07

-2.29

14.85

5.25

1.89

7.36

-2.15

14.97

7.55

10.01

2.73

34.65

82.35

12.72

10.20

-9.69

22.07

-39.96

-14.34

9.04

2.85

13.84

26.08

8.44

-88.86

226.05

18.31

17.13

21.00

224,581.43

732,244.52

992,267.90

3,915,405.55

2,649,166.02

1,266,239.52

4,269,522.17

2,963,361.18

1,306,160.99

5,051,419.96

3,470,957.43

1,580,462.52

5,684,981.50

3,745,131.39

1,939,850.12

11.86

3.15

22.74

Average Liquidity Ratio (%)

59.58

38.32

42.95

57.20

39.43

68.13

41.28

74.85

47.09

78.87

Average Loan/Deposit Ratio (%)

1/ Revised

2/ Provisional

3/ Includes CBN Bills held by Deposit Money Banks

32

Source: Central Bank of Nigeria

33

Table 8

Deposit Money Banks’ Sources and Application of Funds

(Naira Million)

2013

Application Sources

2014

Application

2015

Application

2016

Sources Application

2017 /1

Sources Application

Item

Sources

Assets

Reserves

Foreign assets

Claims on Central Bank

Claims on Central Government

Claims on State & Local Government

Claims on Private Sector

Claims on Other Financial Institutions

Unclassified Assets

0.0

558,665.5

15,351.8

0.0

482,584.7

46,924.3

0.0

-99,008.7

-91,290.6

-223,863.7

0.0

-35,528.0

-10,693.0

564,016.6

0.0

-8,861.6

0.0

-32,665.6

-7,788.3

-21,036.6

239,126.2

0.0

80,552.9

334,304.9

81,858.6

0.0

-29,358.4

0.0

-16,396.2

-87,500.7

-20,812.1

-72,976.5

165,666.5

7,682.2

0.0

236,299.7 (877,708.8)

0.0 (99,872.3)

0.0

338,778.3

310,414.5

0.0

-102,352.9

0.0

8,974.7

47,908.7

0.0

0.0 1,415,599.1

0.0

285,086.7

1,165.1

0.0

-83,189.7

-18,003.5

-87,821.8

0.0

0.0 (83,435.6)

Liabilities

Demand Deposits

390,518.5

288,372.3

0.0

44,123.0

65,366.0

100,654.8

0.0

-2,078.6

0.0

-13,574.9

-17,796.7

-43,425.9

0.0

584,899.1

0.0

137,017.8

0.0

58,033.8

0.0

4,572.7

0.0

-235,663.8

0.0

-11,529.8

0.0

-8,456.3

0.0

-26,530.6

0.0

683,584.2

76,561.7

0.0

1,317.9

128,696.0

0.0

-5,558.1

-20,504.6

-70,187.3

0.0

-8,060.9

-120,358.5

195,111.1

371,785.2

0.0

24,757.1

0.0

12,377.9

0.0

0.0 663,161.9

0.0 767,844.6

0.0

(4,938.6)

0.0

Time, Savings & Foreign Currency Deposits

Money Market Instruments

Bonds

-41,394.2

0.0

38,634.5

95,564.6

0.0

-105,296.7

-2,249.9

0.0

Foreign Liabilities

0.0

Central Government Deposits

Credit from Central Bank

Capital Accounts

(3,646.8)

(19,406.7)

0.0

-92,626.6

-179,859.4

36,505.5

Unclassified Liabilities

-341,826.8

0.0

0.0 (283,691.9)

Funds Sourced & Used

1/ Revised

1,180,402.5 1,180,402.5 1,244,907.4 1,244,907.4

960,511.9

831,075.3

831,075.3 2,662,727.8 2,662,727.8

Source: Central Bank of Nigeria

34

Table 9

Summary of Microfinance Banks’ Activities

(Naira Million, unless otherwise stated)

Item

2013

2014

2015

2016

2017 /1

1,005.00

715.00

Number of Licensed MFBs

Number of Reporting MFBs

Number of Non-Reporting MFBs

Capital and Reserves

Total Assets

820.00

891.00

679.00

958.00

684.00

987.00

622.00

72,963.74

91,008.80

91,376.50

77,868.65

90,252.31

393,546.67

182,100.72

190,490.05

25,442.82

104.61

270,896.14 300,731.10 343,883.10 326,223.13

135,918.73 145,830.02 159,453.50 149,798.38

129,026.97 162,904.99 173,673.00 178,011.64

Deposit Liabilities

Loans & Advances (Net)

Investments

14,703.04

94.93

15,785.58

111.71

17,737.90

108.92

20,127.19

118.83

Average Loan/ Deposit Ratio (%)

Percentage Change (%)

Number of Reporting Banks

Capital and Reserves

Total Assets

44.88

36.94

21.61

2.85

-17.20

-27.31

-18.18

-18.56

-23.10

1.33

0.74

0.40

-9.06

-14.78

-5.14

-6.06

2.50

14.95

15.90

20.64

21.56

7.01

14.35

9.34

Deposit Liabilities

Loans & Advances (Net)

Investments

33.06

1.19

6.61

12.37

13.47

26.41

Sectoral Distribution of Loans & Advances

(i) Agriculture and Forestry

(ii) Mining & Quarrying

(iii) Manufacturing

4,803.12

603.25

7,735.68

187.09

11,761.52

390.88

14,412.32

234.17

16,589.95

346.10

2,937.27

2,616.01

50,008.04

3,401.44

48,257.90

3,156.49

5,486.51

3,372.79

5,218.26

4,742.99

5,318.10

4,484.29

9,771.14

129,893.40

2,976.83

53,770.60

(iv) Real Estate and Construction

(v) Commerce

58,821.75 117,759.41 124,412.31

(vi) Transportation/Communication

(vii) Others

4,566.96

3,770.66

3,562.46

32,155.66

44,973.82

43,512.65

Deposits and Lending Rates (average %)

(i) Savings deposits

Negotiable Negotiable Negotiable Negotiable Negotiable

(ii) Time/Term deposits

(iii) Interest rate on Loan & Advances

1/ Provisional

Negotiable Negotiable Negotiable Negotiable Negotiable

Source: Central Bank of Nigeria

35

Table 10

Discount Houses’ Statements of Assets and Liabilities

(Naira Million)

Item

ASSETS

2011

2012

2013

2014 /1

1,111.26

2015 /2

633.24

CASH AND BALANCES WITH BANKS

i) Cash on hand

ii) Balances with CBN

iii) Balances with other banks

CLAIMS ON FEDERAL GOVERNMENT

i) Treasury Bills

2,415.55

4,315.18

1,278.47

0.20

93.74

1,184.53

94,394.70

31,359.85

63,034.85

0.00

2,536.65

9,948.59

0.00

1.52

1,282.60

1,131.43

223,277.50

60,768.40

162,509.10

0.00

5,186.80

10,807.44

10,751.94

0.00

1.34

2,615.04

1,698.80

266,823.58

124,865.72

141,957.87

0.00

5,696.40

2,549.45

250.00

0.00

1,523.78

0.00

775.67

0.00

0.24

76.10

2.81

1.77

1,034.92

91,994.12

57,554.13

34,439.99

0.00

628.66

51,367.34

32,302.87

19,064.47

0.00

ii) FGN Bonds

iii) Treasury Certificate Maturing

iv) Treasury Bonds

0.00

v) Eligible Development Stock

CLAIMS ON STATE GOVERNMENTS

CLAIMS ON BANKS

2,138.98

26,211.15

4,671.77

21,539.38

0.00

7,544.16

39,455.70

860.00

38,595.70

0.00

i) Money at Call

ii) Loans and Advances

iii) Commercial Bills:

a) Bankers Acceptances

b) Promissory Notes

c) Negotiable Certificate of Deposit

d) Stabilisation Securities

iv) Others

0.00

55.50

0.00

929.78

0.00

337.93

0.00

CLAIMS ON OTHER FINANCIAL INSTITUTIONS

Money at Call

Loans and advances

Commercial Bills:

0.00

a) Promissory Notes

b) Negotiable Certificate of Deposit/Others

CLAIMS ON OTHERS

i) Commercial Bills

ii) Loans and Advances

iii) Others

0.00

12,276.58

9,363.47

0.00

2,913.11

12,053.75

1,274.14

133,762.88

35,048.36

12,553.22

17,898.97

4,596.17

42,436.16

1,581.32

320,753.13

35,834.56

12,992.44

14,685.80

8,156.32

26,121.00

3,378.67

344,718.83

558.06

371.72

10,406.46

999.57

133,791.33

322.86

15.07

OTHER ASSETS

FIXED ASSETS

TOTAL ASSETS

LIABILITIES

10,155.14

775.93

110,269.44

CAPITAL AND RESERVES

i) Paid-up Capital

49,612.17

15,645.23

10,535.84

4,737.30

11,019.80

7,674.00

152,927.72

127,372.80

0.00

25,554.92

0.00

54,242.50

40,672.60

0.00

34,970.52

15,479.99

12,141.60

4,737.30

11,099.07

(8,487.44)

206,301.85

191,790.66

0.00

14,511.19

0.00

56,458.80

14,908.96

0.00

18,044.50

6,784.60

5,090.19

3,090.28

1,346.28

1,733.15

62,559.15

17,521.78

0.00

45,037.37

0.00

40,018.54

73.55

0.00

31,382.71

8,854.12

5,959.39

6,331.24

1,242.66

8,995.29

45,049.65

0.00

18,330.32

4,301.58

3,856.87

3,904.73

0.00

6,267.14

55,970.79

0.00

ii) Statutory Reserves

iii) Share Premium

iv) Other Reserves

v) General Reserve

MONEY-AT-CALL

i) Commercial Banks

ii) Merchant Banks

iii) Non-Bank Financial Institutions

iv) Others

0.00

45,049.65

0.00

11,842.45

6,229.20

0.00

5,613.25

0.00

41,007.20

63.78

3,000.00

0.00

20,206.39

17,737.03

4,509.31

133,791.33

55,970.79

0.00

v) Associated Treasury Notes

OTHER AMOUNT OWING TO:

i) Commercial Banks

ii) Merchant Banks

iii) Non-Bank Financial Institutions

iv) Others

BORROWINGS

i) Central Bank of Nigeria

ii) Banks

93.68

0.00

93.68

0.00

13,569.90

3,000.00

0.00

3,000.00

0.00

60,970.74

320,753.13

41,549.84

0.00

39,944.99

0.00

20,642.97

0.00

iii) Discount Houses

iv) Non-Bank Financial Institutions

v) Corporate Entities

vi) Individuals

0.00

46,987.63

344,718.81

0.00

13,140.70

133,762.89

20,642.97

15,231.69

110,269.44

OTHER LIABILITIES

TOTAL LIABILITIES

1/ Revised

2/ Provisional as at end-October 2015 when last submission of Discount Houses was made on the FinA.

Source: Central Bank of Nigeria

36

Table 11

Summary of Assets and Liabilities of Finance Companies

(Naira Million)

Item

2013

2014

2015

2016 /1

2017/2

1 Cash and Cash Items

2,605.60

3,188.53

3,169.63

4,298.53

3,947.27

2 Investments

19,448.77

11,571.86

46,679.83

7,548.55

20,158.63

8,012.35

11,143.99

5,593.85

15,396.40

5,772.56

12,173.85

6,704.05

3 Due from other Finance Companies

4. Loans and Advances

5. Fixed Assets

48,808.70

11,576.42

27,845.00

49,623.93

10,893.08

26,931.71

40,578.50

13,909.04

41,840.70

40,905.00

38,078.11

37,553.57

6. Other Assets

15,197.74

Total Assets

103,052.35 119,589.63 107,356.18 121,795.70 139,361.85

1.Capital and Reserves

2. Share Deposits

18,276.15

0.00

18,453.12

0.00

21,655.86

0.00

21,872.00

0.00

26,695.67

0.00

3. Due to other Finance Companies

4. Borrowings

742.62

3,627.71

68,420.24

29,088.56

1,553.09

62,028.93

22,118.30

1,603.50

71,530.00

26,790.20

3,234.53

80,468.47

28,963.02

59,220.85

24,812.73

5. Other Liabilities

Total Liabilities

1/ Revised

103,052.35 119,589.63 107,356.18 121,795.70 139,361.69

2/ Provisional

Source: Central Bank of Nigeria

37

Table 12

Value of Money Market Assets

(Naira Million)

2013

2014

2015

2016

3,277,278.8

0.0

2017 /1

3,579,799.1

0.0

Treasury Bills

2,581,550.6

0.0

2,815,523.8

0.0

2,772,867.0

0.0

Treasury Certificates

Development Stocks

Certificates of Deposits

Commercial Papers

Bankers' Acceptances

FGN Bonds

0.0

20,500.0

9,324.8

50,954.0

9,848.1

36,644.6

4,792,281.2

7,705,251.7

75,702.8

6,291.9

28,417.9

5,808,140.8

0.0

59,497.9

516.0

490.5

20,470.0

4,222,037.7

6,853,883.1

27,795.3

7,564,937.5

26,428.8

8,715,811.7

Total

8,691,420.4 10,870,502.1 12,382,053.6

2015 2016 2017 /1

Growth (%)

2013

21.6

0.0

2014

9.1

Treasury Bills

-1.5

0.0

18.2

0.0

9.2

0.0

Treasury Certificates

Eligible Development Stocks

Certificates of Deposits

Commercial Papers

Bankers' Acceptances

FGN Bonds

0.0

-39.7

787.8

107.5

3.5

148.6

5.6

48.6

-36.1

-22.4

21.2

12.8

-100.0

-92.2

-2.2

5.2

79.0

13.5

12.4

-4.9

15.2

13.9

30.2

Total

9.7

25.1

1/ Revised

Source: Central Bank of Nigeria

38

Table 13

Treasury Bills: Issues, Subscriptions and Allotments

(Naira Million)

Period

Issues

Subscriptions

Central Bank

Deposit Money Banks Non-Bank Public /1

2013

January

February

March

April

May

331,296.66

354,924.18

398,285.09

324,269.40

278,388.72

397,845.75

185,451.25

222,705.12

331,217.97

226,109.77

199,782.18

400,605.12

3,650,881.21

304,240.10

694,371.90

0.00

204,317.08

243,734.06

190,441.99

200,048.22

179,760.34

152,626.18

51,972.97

114,303.78

135,605.36

125,326.54

116,364.93

139,214.85

1,853,716.30

154,476.36

126,979.58

111,190.12

207,843.10

124,221.18

98,628.38

245,219.57

133,478.28

108,401.34

195,612.61

100,783.22

83,417.25

1,076,356.75

745,009.24

514,368.24

589,731.12

648,887.66

477,916.36

576,385.92

812,735.00

441,700.24

438,318.04

557,668.82

7,573,449.28

631,120.77

June

July

August

September

October

November

December

Total

261,390.28

1,797,164.91

149,763.74

Average

2014

January

February

March

April

May

359,296.66

319,924.18

497,005.48

334,269.40

278,509.28

440,713.48

185,292.04

220,647.81

319,680.77

303,100.00

242,900.00

378,130.00

3,879,469.09

323,289.09

712,276.47

481,993.18

843,210.70

1,214,904.90

1,333,921.72

1,023,058.87

408,510.00

379,150.00

587,850.00

286,020.00

334,560.00

438,100.00

8,043,555.84

670,296.32

0.00

291,278.36

256,520.53

341,448.54

228,427.87

195,099.35

165,215.22

70,072.17

148,401.32

70,336.34

44,370.00

68,018.31

63,403.65

155,556.94

105,841.52

83,409.93

275,498.26

115,219.87

72,246.50

249,344.43

191,750.00

201,055.55

224,850.00

1,806,194.96

150,516.25

June

July

August

September

October

November

December

Total

66,980.00

0.00

21,260.00

88,240.00

7,353.33

41,852.12

132,010.00

1,985,031.81

165,419.32

Average

2015

January

February

March

April

May

384,296.66

334,833.44

519,995.04

353,093.49

261,555.23

380,023.16

178,366.05

257,614.38

315,350.60

265,251.80

242,902.74

352,034.71

3,845,317.30

320,443.11

1,072,435.60

716,276.38

1,063,496.45

1,092,823.87

572,718.53

695,451.88

274,652.27

293,295.83

725,913.47

769,209.27

836,934.73

1,189,108.13

9,302,316.42

775,193.03

0.00

319,265.47

200,774.18

388,933.09

269,072.27

155,090.04

212,850.32

104,449.98

105,804.69

198,118.39

183,379.26

203,878.95

344,843.52

2,686,460.16

223,871.68

65,031.19

134,059.26

131,061.96

84,021.22

106,465.18

167,172.84

73,916.06

151,809.69

117,232.21

81,872.54

39,023.79

7,191.20

June

July

August

September

October

November

December

Total

1,158,857.14

96,571.43

Average

2016

January

February

March

April

May

332,211.45

384,833.44

611,511.14

386,411.43

261,555.23

480,753.95

394,962.89

307,614.38

536,976.07

267,848.66

242,902.74

347,920.69

4,555,502.05

379,625.17

600,570.59

914,565.58

1,546,878.46

699,082.11

478,054.42

818,235.68

616,653.90

765,849.83

1,168,211.57

427,144.42

257,199.10

385,243.03

8,677,688.68

723,140.72

0.00

242,080.25

297,282.92

298,689.12

278,815.57

132,907.26

260,910.92

234,700.00

188,733.43

145,846.75

46,322.62

90,131.21

87,550.52

312,822.01

107,595.86

128,647.97

191,843.03

160,262.89

118,880.95

391,129.33

164,840.53

162,476.96

146,639.42

2,062,820.67

171,901.72

June

July

28,000.00

0.00

August

September

October

November

December

Total

Average

2017 /2

January

February

March

April

May

June

July

August

September

October

November

December

Total

0.00

56,685.51

35,393.18

43,511.80

163,590.48

13,632.54

45,032.60

157,769.48

2,329,090.90

194,090.91

321,808.31

384,833.44

698,966.18

402,411.43

341,555.23

487,067.69

381,962.90

484,723.43

390,032.17

264,155.58

337,956.63

0.00

636,403.06

1,017,230.59

778,653.12

417,092.54

469,851.27

621,188.38

517,720.19

612,045.52

946,590.00

722,660.39

438,943.81

0.00

14,130.18

113,050.28

0.00

220,747.79

268,414.89

330,783.44

163,504.05

158,014.69

217,907.79

257,133.52

199,329.07

196,054.28

212,860.11

271,154.47

0.00

101,060.52

116,418.55

354,052.56

125,857.10

183,540.53

269,159.90

124,829.38

285,394.37

193,977.90

51,295.47

66,802.16

0.00

127,180.46

10,598.37

4,495,472.98

374,622.75

7,178,378.86

598,198.24

2,495,904.08

207,992.01

1,872,388.44

156,032.37

Average

1/ Includes Discount Houses, Government Parastatals, Savings type institutions, e.t.c.

2/ Provision

Source: Central Bank of Nigeria

39

Table 14

Holdings of Treasury Bills Outstanding

(Naira Million)

including

Rediscount

Deposit Money

Banks

Period

Total Outstanding

Others

2013

January

February

March

April

May

2,197.93

2,260.93

2,371.69

2,392.44

2,483.29

2,581.55

2,422.99

1.65

1.67

0.09

0.12

0.09

0.13

0.72

0.60

0.01

64.91

61.32

59.02

15.86

1,632.16

1,599.91

1,716.83

1,674.27

1,673.37

1,649.38

1,112.43

1,137.32

1,013.82

1,070.09

1,059.96

1,317.88

1,388.12

564.12

659.35

654.77

697.30

718.98

833.77

1,370.13

1,345.36

1,469.46

1,348.28

1,362.01

1,204.65

1,019.02

June

July

August

September

October

November

December

Average

2014

January

February

March

April

May

2,621.55

2,735.75

2,735.87

2,810.87

2,815.52

2,735.93

17.64

5.99

3.36

3.64

2.25

1.59

1.58

1.61

1.62

1.81

3.69

2,056.49

1,916.75

1,992.06

2,072.61

1,686.22

1,526.28

1,960.12

2,011.34

1,966.72

1,993.34

1,966.68

1,969.12

1,926.48

547.42

698.81

740.32

659.50

1,047.39

1,208.00

774.17

722.95

767.57

815.92

842.57

844.59

805.77

June

July

August

September

October

November

December

Average

2015

January

February

March

April

May

2,815.52

2,865.52

2,824.95

2,772.87

2,807.48

214.50

242.84

777.16

824.94

759.57

214.50

184.76

232.84

368.54

1,044.87

1,012.78

1,060.87

1,051.52

1,058.53

1,044.35

851.76

1,556.16

1,559.90

1,561.81

1,571.16

1,564.16

1,537.76

1,143.95

1,109.50

906.68

1,513.79

1,502.23

1,493.15

1,418.35

June

July

August

September

October

November

December

Average

2016

838.42

1,106.62

1,044.59

1,085.88

1,046.87

1,020.59

January

February

March

April

May

2,772.87

2,822.87

2,824.81

2,901.81

3,124.81

3,261.49

3,277.28

3,005.03

219.86

226.82

242.84

224.42

30.00

31.08

3.04

3.02

3.04

1.79

2.12

84.93

1,025.31

1,023.08

1,064.39

1,087.75

1,185.81

1,181.98

1,085.46

1,253.04

1,149.04

1,248.07

1,265.21

1,145.93

1,527.70

1,572.97

1,517.58

1,512.64

1,609.00

1,688.74

2,036.30

2,005.43

2,109.40

2,011.64

2,009.95

1,774.17

June

July

August

September

October

November

December

Average

2017 /1

January

February

March

April

May

June

July

August

September

October

November

December

Average

3,397.28

3,517.28

3,600.53

3,680.53

3,702.83

3,777.83

3,579.80

3,651.50

3.04

1.79

2.12

13.57

2.12

172.11

110.90

206.47

91.16

66.27

62.80

61.21

1,284.81

1,503.76

1,444.90

1,588.46

1,636.16

1,663.43

1,709.37

2,059.02

1,371.76

1,598.51

2,182.63

2,141.68

1,682.04

2,109.42

2,011.74

2,153.51

2,009.95

2,030.80

2,037.27

1,821.36

1,532.91

2,199.61

2,088.16

1,528.93

1,375.32

1,908.25

40

1/ Revised

Source: Central Bank of Nigeria

41

Table 15

Open Market Operations

(N 'Million)

(Days)

2013

January

February

March

April

May

2,958,460.00

2,302,710.00

2,061,290.00

2,228,780.00

1,476,320.00

505,190.00

1,078,590.00

96,480.00

337,350.00

1,956,950.00

1,109,670.00

797,960.00

1,756,660.00

1,351,600.00

1,265,240.00

1,516,690.00

1,127,400.00

81,950.00

77

13.73

12.54

13.30

13.55

13.22

14.09

14.02

13.37

13.41

12.80

12.52

12.51

105

118

169

159

156

161

132

141

127

102

125

June

July

508,740.00

91,730.00

August

September

October

November

December

Total

150,510.00

1,206,860.00

791,090.00

599,470.00

10,447,940.00

870,661.67

16,909,750.00

1,409,145.83

Average

2014

131

13.25

January

February

March

April

May

1,778,090.00

587,840.00

933,680.00

424,070.00

1,476,730.00

1,351,000.00

812,920.00

654,530.00

1,096,870.00

963,870.00

1,010,680.00

236,920.00

11,327,200.00

943,933.33

1,091,490.00

307,400.00

714,580.00

285,940.00

905,990.00

1,179,540.00

810,920.00

654,530.00

989,580.00

652,500.00

830,230.00

-

115

129

133

122

116

122

129

133

141

158

163

137

12.58

13.74

13.76

13.70

11.40

11.20

11.23

11.24

11.36

11.55

13.80

June

July

August

September

October

November

December

Total

8,422,700.00

701,891.67

Average

2015

133

12.32

January

February

March

April

May

1,657,287.09

318,998.68

620,835.41

1,027,454.90

719,156.21

1,011,258.51

963,381.34

226,718.17

632,433.24

1,295,880.94

217,327.54

543,859.44

933,744.73

524,540.43

746,365.40

771,823.73

73,269.49

168

192

188

261

202

148

235

329

300

15.21

15.90

16.07

15.81

15.11

14.03

15.06

16.02

15.18

June

July

August

September

October

November

December

Total

53,081.41

736,950.00

7,914,473.55

791,447.35

482,150.00

5,642,043.11

564,204.31

299

8.51

Average

2016

232

14.69

January

February

March

April

May

913,260.00

630,890.00

706,990.00

710,300.00

367,700.00

540,800.00

909,780.00

2,248,650.00

1,067,340.00

832,900.00

732,660.00

633,140.00

10,294,410.00

857,867.50

698,420.00

509,230.00

394,630.00

363,720.00

64,630.00

299,120.00

695,210.00

1,728,150.00

1,057,950.00

807,020.00

665,570.00

575,970.00

7,859,620.00

654,968.33

186

175

231

233

288

285

233

275

232

234

278

266

8.15

8.08

8.81

9.72

10.56

12.93

19.38

17.87

20.64

20.67

17.25

21.12

June

July

August

September

October

November

December

Total

Average

2017 /1

January

February

March

April

May

June

July

August

September

October

November

December

Total

243

14.60

1,237,870.00

621,146.00

418,192.00

376,660.00

585,900.00

1,354,120.00

1,546,700.00

1,175,660.00

787,080.00

1,204,690.00

1,568,350.00

1,468,530.00

12,344,898.00

1,028,741.50

700,520.00

619,140.00

391,160.00

316,090.00

580,080.00

1,267,280.00

1,517,530.00

1,104,570.00

741,850.00

1,179,200.00

1,461,130.00

1,467,930.00

11,346,480.00

945,540.00

248

249

252

266

259

252

260

205

219

226

219

20.89

20.91

20.94

21.11

21.03

19.65

21.00

19.86

19.25

16.49

16.41

15.61

Average

240

19.43

1/ Provisional

Source: Central Bank of Nigeria

42

Table 16

Transactions on the Nigerian Stock Exchange

Items

2013

2014

2015

2016

2017 /1

756.35

Volume of Stocks ('000)

Government

Industrial

342.35

0.00

282.96

0.00

324.36

0.00

2,184.76

0.00

Second-Tier Securities

Bonds

51,549.94

18.90

0.00

52.76

0.00

55.00

Equities

Total

267,336,933.23

267,388,844.42

108,328,358.88

108,328,641.84

93,639,474.80

93,639,854.16

95,830,464.33

95,832,701.85

93,289,866.04

93,290,622.39

Number of Deals

Government

Industrial

1,155

0

924

200

0

127

0

555

0

435

0

Second-Tier Securities

Bonds

82

6

3

0

Equities

Total

3,222,478

3,224,639

1,211,069

1,211,269

955,517

955,650

836,863

837,421

878,632

879,067

Value of Stocks (N' Million)

Government

Industrial

292.34

0.00

306.99

0.00

382.61

0.00

2,431.35

0.00

485.69

0.00

Second-Tier Securities

Bonds

61.14

23.06

0.00

58.49

0.00

58.59

0.00

Equities

Total

2,350,499.16

2,350,875.70

1,334,476.14

1,334,783.13

960,780.41

961,221.51

576,056.82

578,546.76

1,077,735.52

1,078,221.21

Market Capitalization (N' Million)

19,077,418.18

41,329.19

16,875,102.70

34,657.15

17,003,387.95

28,642.25

16,185,729.64

26,874.62

22,917,906.74

38,243.19

Value Index of Equities (1984 = 100)

1/ Provisional

Source: Nigerian Stock Exchange

43

Table 17

Market Capitalisation of Quoted Companies: Equities

(Naira Thousand)

C A T E G O R Y

AGRICULTURE

2013

90,683,237.5

2014

54,852,817.2

2015

66,174,672.2

2016

81,709,764.2

2017 /1

137,171,367.4

3,182,476,733.4

2,501,840,594.6

0.0

FINANCIAL

3,992,616,108.9

2,939,978,141.8

0.0

3,215,785,938.9

2,366,953,726.0

0.0

1,887,384,181.7

1,447,631,306.5

0.0

1,844,005,216.2

1,456,910,669.8

0.0

Banking

Managed Funds

Insurance

173,111,364.9

850,070,935.5

29,455,666.7

3,758,912,594.9

1,737,545,456.6

1,661,498,971.0

0.0

158,686,954.3

661,696,114.7

28,449,143.9

3,112,978,314.3

1,634,984,422.5

1,239,720,223.3

0.0

156,890,813.9

253,800,765.4

29,061,295.9

2,624,173,306.6

1,342,728,396.5

1,005,729,386.3

0.0

135,537,320.3

224,191,704.4

27,365,521.8

2,503,350,709.5

1,378,848,868.4

927,768,183.6

0.0

147,276,168.4

505,909,562.3

27,450,408.1

3,862,342,386.4

1,760,533,745.3

1,777,191,923.7

0.0

Other Financial Institutions

Mortgage

MANUFACTURING/CONSUMER GOODS

Breweries

Food, Beverages & Tobacco

Textiles

Automobile & Tyres

Household Durables

Household Products

HEALTHCARE

2,386,334.6

7,032,843.7

350,448,988.9

80,495,363.7

308,527,707.1

0.0

2,386,334.6

5,947,974.5

229,939,359.4

62,660,093.6

200,892,189.1

0.0

2,386,334.6

7,660,366.3

265,668,822.9

52,627,619.5

106,004,537.7

0.0

2,386,334.6

4,360,036.9

189,987,285.9

27,837,497.3

75,374,617.1

0.0

2,386,334.6

4,893,333.5

317,337,049.2

40,207,855.1

95,968,286.3

0.0

CONGLOMERATES

COMMERCIALS

Commercial/Services

Footwear

0.0

Machinery (Marketing)

Petroleum (Marketing)

CONSTRUCTION/REAL ESTATE

INDUSTRIAL GOODS

NATURAL RESOURCES

OIL & GAS

0.0

210,268,356.5

4,198,484,130.3

7,990,028.5

446,213,032.1

54,803,536.2

2,219,523.5

232,243.0

0.0

158,741,751.6

3,769,305,572.4

7,452,662.8

752,024,717.5

66,416,361.2

2,219,523.5

221,016.8

0.0

109,158,908.5

577,987,694.8

6,599,635.2

760,255,397.0

103,992,391.7

2,219,523.5

210,492.2

0.0

96,293,629.5

306,278,350.2

5,859,521.7

628,782,077.5

87,308,986.1

2,219,523.5

0.0

85,074,428.8

324,348,019.3

6,272,145.1

667,012,542.8

134,186,065.2

2,219,523.5

0.0

SERVICES

Advertising

Apparel Retailers

Engineering Technology

Airline Services

0.0

19,403,792.3

3,148,712.2

72,846,171.8

588,178.4

0.0

Printing & Publishing

Hotel, Hospitality and Tourism

Automobile and Auto Part s Retailers

Maritime

6,107,360.2

19,439,689.0

1,729,244.6

0.0

4,824,962.7

23,811,134.6

905,794.8

0.0

4,771,626.2

66,073,563.4

588,178.4

0.0

4,028,392.5

56,461,808.5

588,178.4

0.0

Aviation

0.0

Road Transport

1,235,740.0

2,838,194.8

941,409.5

4,876,644.1

0.0

911,735.0

2,567,165.5

941,409.5

3,918,789.8

0.0

828,850.0

2,730,027.6

941,409.5

3,812,275.0

0.0

828,850.0

2,792,605.5

0.0

828,850.0

3,383,924.2

0.0

Courier/Freight/Delivery

Employment Solutions

Speciality

3,715,228.2

0.0

3,715,228.2

0.0

Leasing

Media

4,000,000.0

11,183,487.5

0.0

6,000,000.0

8,401,550.0

11,693,279.0

76,550,755.9

0.0

6,000,000.0

7,540,686.9

8,275,759.1

34,097,307.2

0.0

6,000,000.0

6,717,531.3

3,956,868.2

41,897,052.4

0.0

6,000,000.0

15,300,690.6

6,750,994.0

34,213,034.9

0.0

Transport Related Services

Support and Logistics

ICT

77,250,803.8

0.0

Foreign Listing

PREMIUM BOARD

ETFs

0.0

3,522,149,848.6

4,018,648.2

8,641,416.0

3,548,225,397.6

4,798,651.1

8,957,153.6

5,040,201,380.4

6,694,586.0

10,432,160.9

280,050.0

4,005,980.4

4,520,358.0

8,572,994.3

ASeM

Total

13,230,530,929.8

11,490,754,526.8

9,863,265,564.8

9,260,678,624.1

13,626,600,992.1

1/ Provisional

Source: Nigerian Stock Exchange

44

Table 18

Value Index of All Common Stocks Listed by Sector on the Nigerian Stock Exchange

(1984 =100)

Growth Rate (%)

Category

2013

283.3

2014

165.6

2015

2016

237.5

2017 /1

385.0

2013

123.1

2014

-41.5

2015

16.2

2016 2017 /1

23.4 62.1104

AGRICULTURE

FINANCIAL

Banking

Managed Funds

Insurance

Other Financial Institutions

Mortgage

MANUFACTURING/CONSUMER GOODS

Breweries

192.4

12,472.0

9,183.8

0.0

540.8

2,655.4

92.0

11,742.0

5,427.7

5,190.1

0.0

9,710.2

7,147.1

0.0

479.2

1,998.0

85.9

9,399.7

4,936.9

3,743.4

0.0

5,487.9

4,209.2

0.0

456.2

738.0

84.5

7,630.2

3,904.2

2,924.3

0.0

5,359.3

4,234.3

0.0

393.9

651.6

79.5

7,275.6

4,007.4

2,696.4

0.0

8,931.7

7,021.4

0.0

413.3

1,419.8

77.0

10,839.7

4,941.0

4,987.7

0.0

30.8

30.5

-22.1

-22.2

-43.5

-41.1

-2.3

0.6

66.66

65.82

21.4

33.6

49.6

31.4

10.2

68.4

-11.4

-24.8

-6.6

-19.9

-9.0

-4.8

-63.1

-1.6

-18.8

-20.9

-21.9

-13.7

-11.7 117.91

-5.9

-4.6

2.6

4.93

-3.14

48.99

23.30

84.98

Food, Beverages & Tobacco

Textiles

-27.9

-7.8

Automobile & Tyres

Household Durables

Household Products

HEALTHCARE

CONGLOMERATES

COMMERCIALS

7.5

7.2

6.9

6.7

-0.1

3.7

21.9

48.1

188.4

-3.3

-18.2

-36.6

-24.8

-37.1

-3.7

24.0

11.3

-19.1

-49.2

0.0

-43.1

-28.5

-47.1

-28.9

-3.43

8.38

61.29

39.48

22.95

22.0

1,094.7

251.4

963.8

0.0

18.0

694.3

189.2

606.6

0.0

22.3

772.5

153.0

308.2

0.0

12.7

552.2

80.9

219.1

0.0

13.7

890.6

112.8

269.3

0.0

Commercial/Services

Footwear

0.0

Machinery (Marketing)

Petroleum (Marketing)

CONSTRUCTION/REAL ESTATE

INDUSTRIAL GOODS

NATURAL RESOURCES

OIL & GAS

0.0

656.8

13,115.1

25.0

1,393.9

171.2

6.9

479.3

11,381.5

22.5

2,270.8

200.5

6.7

317.4

1,680.6

19.2

2,210.6

302.4

6.5

279.9

890.1

17.0

1,827.4

253.7

6.5

238.8

910.3

17.6

1,872.0

376.6

6.2

61.1

70.5

2.5

202.2

-3.8

-27.0

-13.2

-9.8

62.9

17.1

-3.3

-33.8

-85.2

-14.7

-2.7

50.8

-3.7

-11.8 -14.69

-47.0

-11.3

-17.3

-16.1

0.0

2.26

3.37

2.44

48.41

-3.43

SERVICES

Advertising

-0.1

Apparel Retailers

Engineering Technology

Airline Services

Printing & Publishing

Hotel, Hospitality and Tourism

Automobile and Auto Part s Retailers

Maritime

0.7

0.0

19.1

60.7

5.4

0.7

0.0

14.6

71.9

2.7

0.6

0.0

13.9

192.1

1.7

0.0

11.7

164.1

1.7

0.0

54.5

8.8

204.4

1.7

-5.0

-8.0

-8.3 -100.0

5.1

-16.1

-3.4

-23.6

18.4

-49.4

-4.8

167.2

-37.5

-15.6 -24.52

-14.6

0.0

24.59

-3.43

0.0

Aviation

0.0

Road Transport

3.9

8.9

2.9

15.2

0.0

2.8

7.8

2.8

11.8

0.0

18.1

25.4

35.3

231.1

0.0

2.4

7.9

2.7

11.1

0.0

17.4

21.9

24.1

99.1

0.0

2.4

8.1

0.0

10.8

0.0

17.4

19.5

11.5

121.8

0.0

2.3

9.5

0.0

10.4

0.0

16.8

42.9

18.9

96.0

0.0

63.8

22.1

-0.1

-3.4

-28.7

-12.6

-3.3

-12.5

2.4

-3.7 -100.0

0.0

2.2

-3.43

17.01

Courier/Freight/Delivery

Employment Solutions

Speciality

Leasing

Media

Transport Related Services

Support and Logistics

ICT

-22.3

-6.3

-2.6

-3.43

12.5

34.9

-0.1

5.3

45.0

-27.4

-3.7

-13.6

-31.8

-57.1

0.0

-11.0 119.95

-52.2 64.75

22.8 -21.14

241.3

0.0

19.8

-4.2

Foreign Listing

PREMIUM BOARD

ETFs

ASeM

0.0

0.9

12.5

41,329.2

0.0

10,241.2

11.7

25.1

28,679.1

10,312.3

13.9

26.0

26,914.6

14,145.4

18.8

29.3

38,243.2

0.7

19.4

3.6

37.17

34.72

12.47

42.09

13.6

25.9

34,696.7

-72.4 1,460.3

-14.4

-2.9

-17.3

-0.1

106.9

-16.0

Total

47.2

-6.2

1/ Provisional

Source: Nigerian Stock Exchange

45

46

Table 19

Federation Accounts Operations

(Naira Billion)

2013

9,759.8

2014

10,068.9

2015

6,912.5

2016 1/

5,616.4

2017 2/

7,317.7

Total Revenue(Gross) 3/

Oil Revenue (Gross)

Crude Oil / Gas Exports

PPT and Royalties etc.

Domestic Crude Oil Sales

Other Oil Revenue

6,809.2

1,559.0

3,719.0

1,510.3

21.0

6,793.8

1,896.2

3,439.6

1,370.6

87.4

3,830.1

898.6

2,693.9

389.6

4,109.8

795.4

1,782.4

1,050.7

98.4

1,192.3

1,028.4

83.6

1,801.4

1,470.5

42.5

Less:

Deductions 4/

2,078.2

4,731.0

2,950.6

985.5

433.6

795.6

274.4

281.0

170.8

9.8

2,109.2

4,684.6

3,275.0

1,207.3

566.2

794.2

295.3

193.1

89.1

943.0

2,887.1

3,082.4

1,029.1

546.2

778.7

323.4

202.1

73.6

1,040.1

1,653.8

2,922.5

988.4

548.8

811.0

237.7

152.3

53.9

1,443.4

2,666.4

3,207.9

1,206.3

628.0

967.7

156.1

49.0

Oil Revenue (Net)

Non- Oil Revenue

Corporate Tax

Customs & Excise Duties

Value-Added Tax (VAT)

FG Independent Revenue

Education Tax

Customs Special Levies (Federation Account)

National Information Technology Development Fund (NITDF)

Customs Special Levies (Non-Federation Account)

Less:

68.3

10.1

11.3

8.8

1.0

-

119.7

118.1

121.6

131.5

Deductions 4/

193.2

2,757.3

7,488.3

1,499.6

274.4

419.3

2,855.7

7,540.3

1,469.8

295.3

123.7

2,958.7

5,845.8

1,476.0

323.4

115.4

2,807.1

4,460.9

1,353.0

237.7

168.7

3,039.2

5,705.6

1,334.9

156.1

Non- Oil Revenue (Net)

Federally - collected revenue + Transfers

Less

Transfer to Federal Govt. Ind. Revenue

Transfer to VAT Pool Account

Other Transfers 5/

763.8

762.4

747.6

778.6

929.0

461.5

412.0

405.0

336.7

249.8

Federally Collected Revenue (Net)

Memorandum Items:

Deductions:

5,988.7

6,070.5

4,369.8

3,107.9

4,370.7

2,271.5

2,078.2

1,030.9

50.6

2,528.5

2,109.2

1,223.7

216.0

579.3

90.2

1,066.7

943.0

792.8

12.6

1,155.5

1,040.1

704.5

-

1,612.1

1,443.4

1,237.0

14.4

Oil Revenue

JVC Cash calls

Excess Crude Proceeds

Excess PPT & Royalty

Others

960.8

36.0

36.9

242.7

92.9

137.2

54.8

100.7

123.7

41.6

Non -oil Revenue

193.2

39.4

419.3

39.6

115.4

38.4

168.7

48.6

4% FIRS collection cost

7% NCS collection cost

Cost of collection for VAT

Others 6/

30.4

48.1

38.2

44.3

43.9

31.8

31.1

32.4

38.7

91.6

299.8

12.7

0.3

37.5

1/ Revised

2/ Provisional

3/ Includes other receipts from Education Tax, FGN Independent Revenue and Levies

4/ As contained in memorandum items

5/ Includes Education Tax and Custom Levies

6/ Includes excess non-oil Revenue

47

Source: Federal Ministry of Finance (FMF)

Table 20

Federally-collected Revenue Distributions

(Naira Billion)

2013

5,988.7

2014

6,070.5

2015

4,369.8

2016 1/

3,107.9

2017 2/

4,370.7

Federally Collected Revenue (Net)

Add

Other Revenue

1,763.5

464.2

0.00

891.4

76.0

696.6

15.6

847.8

323.6

0.0

626.2

258.2

0.00

Excess Crude/PPT

Share of Budgtary Difference

NNPC Refund (incl. additional NNPC Distribution & NLNG Distribution)

Recovery of Understated Revenue

Excess Non-Oil Revenue

0.00

91.4

135.1

0.00

435.6

0.00

105.5

3.0

55.3

0.00

0.9

0.00

230.70

-

0.00

0.0

0.00

Revenue Augmentation

781.3

0.00

0.0

0.00

Exchange Rate Gain (incl. add. Distr. To states and LGCs)

SURE-P/Solid Mineral Revenue

Total Revenue

23.03

426.6

6,961.9

245.40

0.00

405.8

9.9

311.8

0.0

426.6

7,752.2

5,066.4

3,955.7

4,996.9

Distributed as Follows

Statutory Allocation

5,988.7

2,830.8

1,435.8

1,107.0

615.0

0.00

6,070.5

2,877.1

1,459.3

1,125.1

609.0

0.00

4,369.8

2,104.3

1,067.3

822.9

375.3

0.00

3,107.9

1,524.0

773.0

596.0

214.9

9.9

4,370.7

2,119.8

1,075.2

828.9

Federal Government

State Government

Local Government

13% Derivation

346.8

Solid Mineral Revenue

Federal Government

State Government

0.0

0.00

4.5

0.0

0.00

2.3

Local Government

0.00

1.8

13% Derivation (Solid Mineral)

Excess Crude/Excess PPT

Federal Government

State Government

0.00

1.3

464.2

212.7

107.9

83.2

76.0

15.6

323.6

148.3

75.2

58.0

42.1

0.0

258.2

34.8

7.2

119.3

60.5

46.7

31.8

17.7

3.6

Local Government

13.6

2.8

13% Derivation

60.3

9.9

2.0

Share of Diff.Btw. Provisional Distribution and Actual Budget

Federal Government

State Government

0.00

0.0

0.00

0.0

0.00

0.0

Local Government

0.00

0.0

13% Derivation

0.00

0.0

NNPC Refunds (incl. NNPC additional Distribution & NLNG Distribution)

Federal Government

State Government

91.4

135.1

58.22

34.9

435.6

264.4

95.6

105.5

91.5

7.9

55.3

39.0

10.9

5.4

0.00

44.9

Local Government

34.6

26.9

73.7

6.1

13% Derivation

11.9

15.1

1.9

0.0

0.9

Recovery of Understated Revenue/Recovered Bank Charges

Federal Government

State Government

0.00

3.0

0.00

1.6

0.5

0.00

0.8

0.3

Local Government

0.00

0.6

0.2

13% Derivation

0.00

0.0

Share of Excess Non-Oil Revenue

Federal Government

State Government

0.00

230.70

121.50

61.70

47.50

0.00

0.0

0.00

0.0

0.00

0.0

Local Government

0.00

0.0

13% Derivation

0.00

0.0

Federation Revenue Augmentation/NLNG Dividend

Federal Government

State Government

781.3

358.1

181.6

140.0

101.6

426.6

195.5

99.2

0.00

0.0

0.00

0.0

0.00

0.0

Local Government

0.00

0.0

13% Derivation

0.00

0.0

SURE-P

426.6

195.5

99.2

0.00

0.0

Federal Government

State Government

0.00

0.0

0.00

0.0

Local Government

76.5

0.00

0.0

13% Derivation

55.5

0.00

0.0

Exchange Rate Gain (incl. add. Distr. To states and LGCs)

Federal Government

State Government

0.00

23.03

2.81

245.4

112.94

57.29

44.16

31.00

5066.4

2,488.8

1,223.8

943.5

410.3

747.6

112.1

373.8

405.8

194.7

98.7

76.1

36.3

3,955.6

1,964.6

957.9

738.5

294.6

778.6

116.8

389.3

311.8

146.0

74.0

57.1

34.7

4,996.9

2,424.6

1,220.9

938.2

413.2

928.9

139.3

464.5

0.00

8.73

Local Government

0.00

6.70

13% Derivation

0.00

4.80

Total Statutory Revenue Distribution

Federal Government

State Government

7,752.2

3,597.2

1,869.4

1,441.3

844.3

763.8

114.6

381.9

6,961.9

3,290.0

1,681.5

1,296.2

694.2

762.5

114.4

381.2

Local Government

13% Derivation

VAT POOL

Federal Government

State Government

Local Government

Total Statutory Revenue and VAT Distribution

Federal Government

State Government

Local Government

13% Derivation

267.3

8,515.9

3,711.7

2,251.3

1,708.6

844.3

266.9

7,724.4

3,404.4

2,062.7

1,563.1

694.2

261.7

5,814.0

2,600.9

1,597.6

1,205.2

410.3

272.5

4,734.2

2,081.4

1,347.2

1,011.0

294.6

325.1

5,925.9

2,563.9

1,685.4

1,263.4

413.2

1/ Revised

1/ Provisional

48

Source: FMF and CBN

49

Table 21

Summary of General Government Finances 1/

(Naira Billion)

2013

2014

2015

2016

2017 2/

Total Revenue (Gross)

Oil Revenue (Gross)

Less:

12,214.8

6,809.2

11,585.2

6,793.8

8,944.8

3,830.1

8,162.8

2,693.9

10,664.5

4,109.8

Deductions

Oil Revenue (Net)

Add:

2,078.2

4,731.0

2,109.2

4,684.6

943.0

2,887.1

1,040.1

1,653.8

1,443.4

2,666.4

Revenue Augmentation from Excess Crude/PPT

Revenue from Oil Sources

Non-Oil Revenue (Gross)

of which: VAT

1,763.5

6,494.5

2,950.6

795.6

660.7

5,345.3

3,275.0

794.2

696.6

3,583.7

3,082.4

778.7

844.8

2,498.6

2,922.5

811.0

625.3

3,291.7

3,207.9

967.7

International Trade Taxes

Corporate Tax

FGN Independent Revenue

Less:

Deductions

433.6

985.5

274.4

566.2

1,207.3

295.3

546.2

1,029.1

323.4

548.8

988.4

237.7

628.0

1,206.3

156.1

193.2

2,757.3

419.3

2,855.7

123.7

2,958.7

115.4

2,807.1

168.7

3,039.2

Non-Oil Revenue (Net)

Add:

SG Internally-Generated Revenue 3/

LG Internally-Generated Revenue 4/

Non-oil excess revenue 5/

Grants & Others

Revenue from Non-Oil Sources

Add:

657.0

29.3

-

5.2

3,448.8

801.3

36.5

230.7

17.8

3,942.1

755.8

24.0

0.0

49.2

3,787.7

746.3

36.4

3.0

53.3

3,605.8

765.0

38.2

0.9

84.5

3,927.9

Balances in FG Special Accounts for the Previous Year & Others

Total Collected Revenue (Net)

Transfers:

-

9,943.3

0.00

9,287.3

506.72

7,878.1

865.61

6,970.0

1,833.74

9,053.3

Education Tax & Other Levies

Others 6/

AGGREGATE REVENUE

281.0

9.8

9,652.6

312.8

10.1

8,964.4

320.2

11.3

7,546.7

273.9

8.2

6,687.9

180.5

69.3

8,803.5

TOTAL EXPENDITURE

Recurrent Expenditure

Goods & Services

Personnel Cost

Pension

Overhead Cost

Others

Interest Payments

Foreign

Domestic

11,039.0

6,429.2

5,571.5

3,628.5

273.0

1,349.7

320.3

857.7

55.7

802.0

3,599.7

1,010.1

61.3

10,184.2

6,574.6

5,523.3

3,694.7

325.6

1,248.0

255.0

1,051.3

61.3

990.0

2,826.9

782.8

25.8

9,704.3

6,821.8

5,696.7

3,665.8

423.7

1,130.9

476.3

1,125.1

63.6

1,061.5

2,116.1

766.5

37.9

9,673.4

6,920.9

5,429.8

3,440.3

427.9

1,370.5

191.1

1,491.1

77.3

1,413.7

2,043.7

708.8

37.6

11,863.6

8,273.0

6,226.8

2,883.8

477.8

2,340.4

524.7

2,046.2

55.8

1,990.4

2,347.2

1,243.3

10.2

Capital Expenditure

Transfers

NDDC

NJC

UBE

67.0

76.1

68.0

64.6

74.0

56.8

70.0

77.1

10.8

15.4

Subnational Governments' Transfers

Special funds

Other Transfers

Balances

0.00

474.1

331.5

0.00

268.4

356.0

0.00

221.5

376.3

0.00

241.0

283.0

12.87

496.3

697.6

Current Balance

Primary Balance

OVERALL BALANCE

3,223.3

(528.8)

(1,386.5)

2,389.9

(168.5)

(1,219.8)

724.9

(1,032.6)

(2,157.7)

(233.0)

(1,494.4)

(2,985.5)

530.5

(1,013.8)

(3,060.1)

FINANCING

1,386.5

31.5

1,355.0

922.8

58.7

864.1

257.7

174.5

1,219.8

24.4

1,195.5

694.1

-

694.1

195.4

306.0

2,157.7

35.8

2,985.5

53.7

2,931.8

647.0

0.2

646.8

246.6

2,038.2

3,060.1

790.7

2,269.4

435.6

-

435.6

1,180.0

653.8

Foreign (Net)

Domestic (Net)

Banking System

CBN/Sinking Fund

DMBs

2,121.9

1,334.0

616.0

718.1

111.9

676.0

Non-Bank Public

Other Funds

1/ Revised

2/ Provisional

3/ This excludes SG Statutory Allocation to LGs in 2012

4/ This includes SG Statutory Allocation to LGs in 2012

5/ Includes Recovered Excess Bank Charges

6/ Includes Transfer to FCT, NITDF and transfer to NHIS

50

Source: FMF

51

Table 22

General Government’s Expenditure on Selected Primary Welfare Sectors

(Naira Billion)

2016 1/

Capital

109.1

95.7

2017 2/

Capital

133.4

83.4

2017 2/

2016 1/ 2017 2/

As % of GDP

Selected Sectors

Recurrent

878.4

Total

Recurrent

1,022.6

448.4

Total

Changes

% Change

Education

987.5

1,156.0

168.4

151.4

(6.2)

17.1

1.0

0.4

0.2

1.6

1.0

0.5

0.2

1.7

Health

284.7

380.5

184.0

531.8

177.8

39.8

(3.4)

20.2

Agriculture

91.3

92.7

84.6

93.2

Total

1,254.4

297.6

1,552.0

1,555.5

310.1

1,865.6

313.6

1/ Revised

2/ Provisional

Source: Federal Ministry of Finance and Central Bank of Nigeria

52

Table 23

Summary of Federal Government Finances

(Naira Billion)

2013

4,031.8

2014

3,751.7

2015

3,431.1

2016 1/

3,184.7

2017 2/

4,541.1

FEDERAL GOVERNMENT RETAINED REVENUE

Share of Federation Account

2,830.8

114.6

274.4

570.8

195.5

-

2,877.1

114.4

295.3

34.8

2,104.3

112.1

323.4

7.2

1,524.0

116.8

237.7

148.3

4.5

2,119.8

139.3

156.1

119.3

Share of VAT Pool Account

Federal Government Independent Revenue

Share of Excess Crude/PPT Account (incl. Augment.)

Share from SURE-P Distribution/ Solid Mineral Revenue

Share from Excess Non-Oil / Recovered Bank Charges

NNPC Refund (Incl. Additional NNPC Distribution & NLNG Dist.)

Exchange Gain

195.5

121.6

58.2

-

0.0

-

1.6

0.5

39.0

-

264.4

112.9

506.7

91.5

-

2.8

194.7

865.6

146.0

Others (including TSA/ E -collection Pool Account ) 3/

45.7

52.0

1,821.1

TOTAL EXPENDITURE

Recurrent Expenditure

Goods and Services

Personnel Cost

Pension

5,185.3

3,689.1

2,386.8

1,721.3

139.7

525.8

828.1

55.7

4,587.4

3,426.9

2,216.8

1,656.2

182.8

377.8

941.7

61.3

4,988.9

3,831.9

2,550.0

1,869.3

208.1

472.6

1,060.4

63.6

5,378.0

4,160.1

2,493.1

1,690.0

184.8

618.4

1,426.0

77.3

6,818.5

5,214.8

2,759.2

1,003.8

250.0

Overhead Cost 4/

Interest Payments

Foreign

1,505.4

1,959.2

55.8

Domestic

772.4

474.1

1,108.4

912.9

195.5

387.9

61.3

880.4

268.4

783.1

587.6

195.5

377.4

25.8

996.8

221.5

818.4

601.3

217.1

338.6

37.9

1,348.6

241.0

751.4

104.8

646.6

466.5

37.6

1,903.4

496.3

Transfers

Special funds and others 5/

Capital Expenditure & Net Lending

Domestic Financed Budget

Budgetary

496.3

1,163.2

754.9

SURE-P/ Loan to Ex Dom Naira Account 6/

Transfers

408.4

440.5

NDDC

10.2

NJC

67.0

68.0

74.0

70.0

10.8

UBE

76.1

64.6

56.8

77.1

15.4

Others

183.4

219.0

169.9

281.8

404.0

BALANCES

Primary Surplus(+)/Deficit(-)

Current Surplus(+)/Deficit(-)

OVERALL SURPLUS(+)/DEFICIT(-)

(325.4)

342.8

106.0

324.8

(497.4)

(400.9)

(767.3)

(975.4)

(318.1)

(673.7)

(1,153.5)

(835.7)

(1,557.8)

(2,193.3)

(2,277.4)

FINANCING

1,153.5

-

835.7

-

1,557.8

-

2,193.3

-

2,277.4

Foreign (Net)

722.0

Domestic (Net)

Banking System

Central Bank

1,153.5

510.4

58.7

451.7

257.7

-

835.7

428.8

-

1,557.8

834.1

616.0

218.1

111.9

72.6

2,193.3

278.2

0.2

1,555.4

-

Deposit Money Banks

Non-Bank Public

Privatization Proceed

Other Funds 7/

428.8

195.4

-

278.0

246.6

5.9

-

1,180.0

-

385.3

211.5

539.2

1,662.6

375.4

1/ Revised

2/ Provisional

3/ Includes unspent balances from previous FY& FG balances of special accounts

4/ Includes 1% Police Reform Deductions in 2015

5/ Includes other statutory deduction

6/ Includes 2015 Capital Releases, refund to MDAs from TSA, Mopped up capital refunded

7/ Includes FG's contribution to the External Creditors' Fund

Source: Federal Ministry of Finance

53

Table 24

Functional Classification of Federal Government Recurrent and Capital Expenditure

(Naira Billion)

TOTAL EXPENDITURE

5,185.3

4,587.4

4,988.9

5,378.0

6,818.5

5,214.8

A. RECURRENT EXPENDITURE

3,689.1

3,426.9

3,831.9

4,160.1

A1. ADMINISTRATION

General Administration

Defence

1,111.8

546.8

272.3

292.7

992.8

445.2

274.5

273.1

1,229.0

488.2

330.6

410.2

1,277.0

479.2

380.2

417.7

1,297.1

555.4

352.9

388.9

Internal Security

A2. ECONOMIC SERVICES

Agriculture

291.2

39.4

266.4

36.7

275.4

41.3

255.8

36.3

307.7

43.5

Roads & Construction

Transport & Communications

Others

92.2

116.3

18.3

114.6

24.4

97.9

119.4

23.2

18.5

20.6

141.1

95.1

101.0

121.7

A3. SOCIAL & COMMUNITY SERVICES

844.1

390.4

180.0

273.7

774.8

343.8

196.0

235.0

807.6

325.2

257.7

224.7

775.6

339.3

200.8

235.4

904.5

394.9

236.1

273.5

Education

Health

Others

A4. TRANSFERS

Public Debt Charges (Int)

Domestic

1,442.0

828.1

772.4

55.7

1,392.9

941.7

880.4

61.3

1,520.0

1,060.4

996.8

63.6

1,851.8

1,426.0

1,348.6

77.3

2,705.6

1,959.2

1,903.4

55.8

Foreign

Pensions & Gratuities

FCT & Others

Others

139.7

474.1

-

182.8

268.4

-

208.1

221.5

30.0

184.8

241.0

-

250.0

496.3

-

B. CAPITAL EXPENDITURE

1,108.4

783.1

818.4

751.4

1,163.2

B1. ADMINISTRATION

General Administration

Defence

283.6

237.8

33.7

229.6

147.9

33.4

226.8

110.2

80.6

178.0

118.9

28.1

309.2

203.8

60.1

Internal Security

12.1

48.3

36.0

30.9

45.3

B2 ECONOMIC SERVICES

Agriculture & Natural Resources

Manuf., Mining & Quarrying

Transport & Communications

Housing

505.8

56.4

4.3

393.4

61.9

6.6

348.7

73.9

4.9

309.3

47.8

4.8

522.4

83.0

7.2

58.4

11.4

110.8

264.5

59.5

21.5

142.9

101.0

44.3

16.0

134.3

75.3

46.6

16.5

108.2

85.4

71.1

23.0

172.0

166.1

Roads & Construction

Others

B3 SOCIAL & COMMUNITY SERVICES

154.7

35.4

32.4

86.9

111.3

40.8

40.7

29.7

83.0

30.4

30.3

22.2

94.3

33.8

31.7

28.8

147.9

48.8

47.2

51.8

Education

Health

Others

B4 TRANSFERS

164.3

15.4

-

48.8

16.7

-

159.8

111.5

-

169.9

183.7

98.0

-

Capital Supplementation

Net Lending to States/L.Gs/Parast.

Grants to States

169.9

-

Others

148.9

32.1

48.3

85.7

C. STATUTORY TRANSFERS

387.9

61.3

377.4

25.8

338.6

37.9

466.5

37.6

440.5

10.2

NDDC

NJC

67.0

68.0

74.0

70.0

10.8

UBE

76.1

64.6

56.8

77.1

15.4

Others

183.4

219.0

169.9

281.8

404.0

1/ Revised

2/ Provisional

Source: Federal Ministry of Finance, Office of the Accountant-General of the Federation and Central Bank of Nigeria.

54

Table 25

Federal Government Expenditure on Primary Welfare Sectors

(Naira Billion)

2016 1/

Capital

33.8

2017 2/

Capital

48.8

2017 2/

2016 1/

2017 2/

Selected Sectors

Recurrent

339.3

200.8

36.3

Total

Recurrent

394.9

236.1

43.5

Total

Change

% Change

As % of GDP

Education

373.1

443.7

70.6

18.9

21.9

50.4

41.4

27.8

26.8

0.4

0.2

0.1

0.2

0.9

5.2

0.4

0.3

0.1

0.3

1.0

6.1

Health

31.7

232.5

84.1

47.2

283.3

126.4

50.9

42.3

Agriculture

47.8

83.0

Roads and Contruction

Total

97.9

108.2

221.4

206.1

895.8

5,378.0

119.4

793.9

172.0

351.1

291.4

85.3

674.3

1,144.9

6,818.5

249.1

1,440.5

Total Expenditure

1/ Revised

2/ Provisional

Source: Federal Ministry of Finance and Central Bank of Nigeria

55

Table 26

State Governments’ and FCT’s Finances

(Naira Billion)

2013

2014

2015

2016 1/

2017 1/

Total Revenue plus Grants

Share of Federation Account 2/

Budget Augmentation

3,905.4

2,104.6

290.0

215.1

-

3,672.0

2,122.9

-

2,859.0

1,482.6

-

2,467.7

2,992.5

1,016.9

-

1,462.3

-

Exchange Gain/NNPC Refund/SURE-P 3/

Additional fund for Sub-national govt 4/.

Excess Crude/PPT 5/

211.6

11.4

28.2

64.0

388.9

-

193.0

-

148.4

0.8

123.1

0.3

172.3

-

5.8

120.1

-

94.5

Non-Oil Excess

-

Share of VAT

389.5

-

381.3

-

397.1

3.5

473.8

-

Solid Mineral Revenue

Internally Generated Revenue

Share of Stabilization Fund

Grants & Others

657.0

27.6

49.2

801.3

-

755.8

-

746.3

0.1

765.0

3.1

43.8

40.6

(4.7)

3,469.2

2,267.3

890.9

507.7

209.5

215.6

64.7

-

34.5

30.2

3,209.2

2,007.7

961.6

636.5

17.8

243.1

65.1

-

70.4

25.56

3,702.9

2,663.0

941.5

713.5

294.5

227.8

87.0

Total Expenditure

Recurrent Expenditure

Personnel Cost

Overhead Cost

CRF Charges

4,046.8

1,948.4

913.4

558.2

85.7

3,983.0

2,120.5

956.0

687.2

65.1

Pensions

133.3

29.6

142.7

109.6

-

Debt Charges

Transfer to LGs

Other Transfers

Others

-

12.9

148.1

80.0

137.0

22.8

206.4

172.6

1,201.8

-

290.1

95.7

83.7

1,201.5

Capital Expenditure 6/

2,098.4

1,862.5

1,039.9

Current Balance 7/

Overall Balance 7/

1,957.0

(141.4)

1,551.6

(311.0)

591.7

460.0

329.5

(610.1)

(741.5)

(710.4)

Financing

141.4

31.5

311.0

24.4

610.1

35.8

741.5

53.7

710.4

68.7

External Loans

Internal Loans

412.4

(302.4)

261.9

24.7

494.3

80.0

365.9

321.9

433.5

208.1

Other Funds

1/ Provisional and comprises 36 states and FCT

2/ Gross Statutory Allocation

3/ Includes Additional fund from NNPC in 2014 $ 2015 as well as NLNG Distribution in 2015 and 2016

4/ Comprises Distribution to Recovered Excess Bank Charges in 2016

5/ Includes Distribution from Forex Equalisation Account of N17.6 trillion in 2017

6/ Includes Contribution to External Debt and other Deductions at Source

7/ positive (+) sign connotes surplus while negative (-) sign connotes deficit

Sources: State Governments' Ministries of Finance and Office of the Accountant-General of the Federation's Reports

56

Table 27

Functional Classification of State Governments’ Recurrent and Capital Expenditure 1/

(Naira Billion)

2013

4,046.8

2014

3,983.0

2015

3,469.2

2016

3,209.3

2017 2/

3,702.9

TOTAL EXPENDITURE

A. RECURRENT EXPENDITURE

1,948.4

2,120.5

2,267.3

2,007.8

2,663.0

A1. ADMINISTRATION

General Administration

State Assembly

State Judiciary

951.3

560.9

46.5

59.7

284.2

771.4

520.6

109.1

83.5

1,357.9

1,157.5

28.9

1,076.8

937.8

6.8

14.3

117.9

1,196.8

844.5

84.4

90.8

177.1

76.9

94.6

Others

58.3

A2. ECONOMIC SERVICES

248.2

56.3

32.9

5.1

53.4

30.6

0.8

11.8

28.0

29.3

418.3

115.3

9.7

17.3

9.0

44.8

-

34.4

70.3

117.5

194.4

45.0

6.3

10.3

35.2

22.1

10.3

6.6

436.3

49.6

3.8

33.0

9.6

83.8

1.8

0.8

141.5

112.4

528.3

82.6

21.2

13.0

47.1

38.7

6.3

18.4

60.1

240.7

Industry

Commerce

Finance

Transport

Cooperative/Supply

Power (Incl. Rural Electrification)

Works/Roads Construction

Others

49.1

9.4

A3. SOCIAL SERVICES

Education

Health

642.6

257.3

165.5

34.0

31.5

19.9

7.9

735.3

202.3

225.6

28.2

95.5

45.7

32.0

8.1

565.5

130.7

122.4

38.4

42.2

85.4

38.7

80.1

27.6

362.0

93.7

62.3

22.6

7.4

23.8

2.6

114.5

35.1

762.4

230.4

198.5

40.5

64.4

62.1

31.6

40.9

94.2

Water Supply

Information & Culture

Social & Comm. Dev.

Housing

Town & Country Planning

Others

5.2

121.2

97.9

A4. TRANSFERS

106.4

13.1

79.8

13.5

195.5

50.4

145.1

-

149.5

82.6

56.5

10.4

132.6

51.5

80.5

0.6

175.5

54.6

109.4

11.5

Debt Charges (Interest Payments)

Pensions & Gratuities

Others

B. CAPITAL EXPENDITURE

2,098.4

1,862.5

1,201.8

1,201.5

1,039.9

B1. ADMINISTRATION

General Administration

State Assembly

State Judiciary

439.6

249.5

10.2

9.3

170.7

325.3

276.3

21.3

20.2

7.5

97.4

69.6

8.1

18.1

1.6

100.1

25.5

16.6

16.9

41.1

169.3

120.2

9.7

15.2

24.2

Others

B2. ECONOMIC SERVICES

862.5

69.5

15.1

10.6

26.0

193.8

1.1

44.9

482.3

19.1

671.3

78.6

12.3

21.5

11.2

100.9

-

113.4

320.4

12.9

353.9

41.8

4.7

82.0

6.0

171.7

0.6

9.6

36.5

1.0

377.1

42.3

16.6

2.6

385.2

40.5

6.3

35.5

8.2

110.5

0.4

31.9

146.3

5.7

Industry

Commerce

Finance

Transport

Cooperative/Supply

Power (Incl. Rural Electrification)

Works/Roads Construction

Others

2.5

20.5

0.5

1.9

222.3

68.0

B3. SOCIAL SERVICES

Education

Health

653.6

140.1

270.6

34.0

17.2

19.7

33.0

55.1

83.8

616.0

160.1

110.9

29.5

65.3

68.8

94.3

27.1

60.1

338.7

65.9

120.6

10.5

9.5

42.6

11.0

72.6

5.9

321.2

68.1

44.3

29.5

2.9

47.4

17.9

70.7

40.4

294.1

75.4

66.3

15.2

16.9

27.6

25.5

37.4

29.7

Water Supply

Information & Culture

Social & Comm. Development

Housing

Town & Country Planning

Others

B4. TRANSFERS

142.7

99.6

40.9

2.2

249.8

44.5

205.3

-

411.8

409.1

2.2

403.0

384.9

16.2

2.0

191.4

119.3

71.1

1.1

Capital Repayments

Grants to LGs/Parastatals/Higher Inst.

Others

0.5

1/ Revised

57

2/ Provisional and comprises 36 states and FCT

Sources: State Governments' Accountants-General and OAGF

58

59

Table 28

Summary of State Governments’ and FCT’s Finances: State-by-State, 2017 1/

(N’ Billion)

REVENUE & OTHER RECEIPTS

Gross Statutory

Allocation

2/

Distribution from

NNPC Refund FOREX Equalisation SOLID MINERAL

Account

Excess Bank

Charges

Recovered

Distribution from Excess

Crude/PPT

Exchange Gain

Sub-Total

Internally Gen.

Rev. (IGR)

Stabilization

Fund & Others

S/N

STATES

VAT

Grants

Others

TOTAL

(1)

(2)

9.6

(3)

(4)

(5)

(6)

1

2

3

4

5

6

7

8

9

Abia

30.4

28.2

121.8

28.2

33.9

97.4

31.8

35.2

28.5

109.8

25.4

33.9

25.4

28.5

26.7

33.2

31.7

37.2

45.0

1.5

1.3

8.6

1.3

1.5

6.6

1.4

1.6

1.3

6.7

1.1

1.4

1.1

1.3

1.2

1.7

1.4

1.7

2.0

0.2

1.2

0.2

0.9

0.2

1.2

0.2

0.3

0.2

0.3

0.4

0.3

1.6

0.3

0.4

1.2

0.4

0.3

1.6

0.3

0.4

0.3

0.4

0.5

2.2

1.9

12.8

1.9

2.3

8.7

2.2

2.4

2.0

8.8

1.7

2.1

1.7

2.0

1.8

2.4

2.2

2.6

3.1

0.0

18.0

7.6

-

6.8

-

62.4

57.9

178.7

60.4

67.5

134.7

62.3

54.5

54.9

167.9

41.6

71.9

43.7

50.3

58.8

58.1

56.6

73.1

93.8

Adamawa

10.0

10.7

11.2

11.4

9.3

0.0

0.1

1.5

Akwa Ibom

Anambra

Bauchi

22.0

8.8

-

5.8

13.6

1.5

0.1

-

2.8

4.1

-

Bayelsa

Benue

7.1

-

1.9

10.9

10.8

9.7

15.2

3.8

0.2

-

Borno

-

Cross River

13.0

28.5

3.8

-

10 Delta

11 Ebonyi

12 Edo

11.3

9.1

-

0.4

-

10.6

9.1

22.5

4.9

-

0.2

13 Ekiti

1.1

-

14 Enugu

15 Gombe

16 Imo

10.4

9.1

7.5

-

17.2

9.5

2.2

-

0.1

-

10.7

11.3

13.7

20.7

-

5.1

-

17 Jigawa

18 Kaduna

19 Kano

4.3

0.0

0.5

-

0.0

-

16.9

22.2

-

1/ Provisional

2/ Gross allocation

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds

4/ This Includes transfers from CRF and Miscellaneous Receipts

60

Sources: State Governments' and FCT Abuja Accountants-General’s Reports

61

Table 28 Contd.

Summary of State Governments’ and FCT’s Finances: State-by-State, 2017 1/

(N’ Billion)

REVENUE & OTHER RECEIPTS

Gross Statutory

Allocation

2/

Distribution from

NNPC Refund FOREX Equalisation SOLID MINERAL

Account

Excess Bank

Charges

Recovered

Distribution from Excess

Crude/PPT

Exchange Gain

Sub-Total

Internally Gen.

Rev. (IGR)

Stabilization

Fund & Others

S/N

STATES

VAT

Grants

Others

TOTAL

(1)

(2)

12.6

(3)

(4)

(5)

(6)

20 Katsina

21 Kebbi

22 Kogi

34.9

29.9

31.3

25.2

38.2

26.1

33.6

26.3

41.2

25.9

31.8

29.6

100.8

31.2

27.3

28.2

40.2

1.6

1.3

1.4

1.1

1.7

1.2

1.5

1.2

2.6

1.2

1.4

1.3

7.7

1.4

1.2

1.3

1.8

0.2

0.3

0.2

0.9

0.2

0.3

0.4

0.3

0.4

0.3

0.4

0.3

0.4

0.3

0.5

0.3

0.4

0.3

1.3

0.4

0.3

0.5

2.4

2.1

2.2

1.7

2.6

1.8

2.3

1.8

3.7

1.8

2.2

2.0

9.2

2.2

1.9

3.2

0.0

5.9

6.9

0.2

-

58.1

50.7

52.4

59.5

391.1

42.6

55.5

62.9

65.5

49.3

76.0

50.1

246.0

52.4

48.1

44.3

64.8

74.0

-

9.9

10.0

9.1

0.0

-

6.1

0.8

-

0.2

-

23 Kwara

24 Lagos

20.5

267.7

4.4

0.7

0.4

80.2

8.6

-

25 Nassarawa

26 Niger

-

0.8

1.8

-

10.7

10.9

10.2

16.2

10.0

18.3

10.3

9.1

5.7

-

0.3

-

27 Ogun

20.4

7.0

-

28 Ondo

-

29 Osun

9.9

-

30 Oyo

21.6

6.5

-

2.2

-

31 Plateau

32 Rivers

-

0.1

1.4

0.3

0.1

-

106.4

5.7

-

33 Sokoto

34 Taraba

35 Yobe

-

0.8

0.1

-

6.0

1.8

9.1

3.3

-

36 Zamfara

37 FCT

9.8

5.3

-

17.7

-

9.3

18.7

-

38 Escrow (Disputed Fund)

-

TOTAL

1,462.3

77.0

11.1

17.6

-

111.9

473.8

0.3

765.0

35.1

3.1

35.4

2,992.5

1/ Provisional

2/ Gross allocation

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds

4/ Includes transfers from CRF and Miscellaneous Receipts

62

Sources: State Governments' and FCT Abuja Accountants-General’s Reports

Table 28 Contd.

Summary of State Government and FCT’s Finances: State-By-State, 2017 1/

(N’ Billion)

EXPENDITURE & TRANSFERS

BALANCE

FINANCING

RECURRENT

Personnel Overhead

LOANS

External

(18)

TOTAL

EXPENDITURE

OTHER

FUNDS 3/

S/N

STATES

SUB-TOTAL

CAPITAL

(11)

Current

Overall

TOTAL

Transfers

Others

(9)

Internal

(17)

Sub-Total

Cost

(7)

(8)

(10)

31.1

(13)

(14)

31.2

(15)

(19)

1

2

Abia

9.3

0.6

21.2

1.6

3.6

7.0

8.2

26.5

2.2

4.2

5.3

48.9

2.2

6.4

15.9

2.2

5.6

10.8

2.6

7.2

2.1

-

16.9

48.1

111.9

167.9

46.6

14.3

16.5

0.5

1.4

17.0

20.7

1.1

(31.3)

33.2

(14.3)

Adamawa

Akwa Ibom

Anambra

Bauchi

Bayelsa

Benue

Borno

20.9

32.2

6.6

35.2

7.4

30.8

88.5

43.1

22.7

76.4

86.8

87.1

42.3

43.5

113.5

20.9

69.7

40.5

34.1

82.2

113.4

66.8

53.9

157.0

23.4

124.8

23.8

29.1

27.2

19.6

18.6

18.4

39.8

21.5

19.0

14.7

13.6

19.0

2.5

(30.6)

135.6

37.6

(54.0)

10.8

19.4

54.0

(10.8)

(13.8)

38.0

(20.6)

44.3

6.3

3

-

1.1

1.7

(11.9)

(15.5)

30.8

4

9.2

-

13.8

1.7

5

14.6

38.6

26.7

23.5

22.0

34.2

12.7

30.6

20.5

19.2

13.4

12.2

3.0

26.0

21.8

15.2

14.6

16.2

30.4

6.1

27.6

105.5

114.0

106.6

60.8

(8.9)

47.8

(38.0)

20.6

2.7

150.8

-

4.5

7.2

6

-

0.5

151.4

0.0

(172.0)

44.3

7

43.0

(24.7)

12.2

(44.3)

(6.3)

(7.0)

14.6

0.0

8

-

(0.5)

3.8

(0.5)

3.8

6.8

9

Cross River

Delta

-

61.9

11.4

-

3.2

7.0

10

11

12

13

14

15

16

17

18

19

153.3

42.4

54.5

-

(1.3)

1.0

(1.3)

2.5

(13.3)

(1.7)

17.1

(14.6)

0.8

Ebonyi

Edo

-

20.7

(0.8)

(16.8)

(11.4)

2.6

1.6

-

32.6

4.1

-

88.6

2.2

(0.4)

0.2

(0.4)

14.1

17.1

14.5

17.5

2.1

16.8

11.4

(2.6)

42.4

57.8

47.5

1.9

Ekiti

-

55.2

3.3

13.9

15.5

12.5

17.3

0.6

0.0

-

(2.7)

(19.7)

27.9

Enugu

11.7

26.2

20.7

10.1

24.9

37.6

1.0

37.0

69.7

51.1

0.0

-

47.7

16.2

1.6

Gombe

Imo

101.2

115.9

104.2

75.0

(23.4)

(55.3)

(10.2)

19.2

(42.4)

(57.8)

(47.5)

(1.9)

(73.0)

2.0

0.1

40.4

Jigawa

Kaduna

Kano

37.3

21.1

9.8

1.5

45.4

21.7

117.3

9.0

(7.1)

68.9

166.8

(63.2)

4.0

73.0

1/ Provisional

2/ Gross allocation

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in fund

4/ Includes transfers from CRF and Miscellaneous Receipts

63

Sources: State Governments' and FCT Abuja Accountants-General’s Reports

64

Table 28 Contd.

Summary of State Government and FCT’s Finances: State-By-State, 2017 1/

(N’ Billion)

EXPENDITURE & TRANSFERS

BALANCE

FINANCING

RECURRENT

Personnel Overhead

LOANS

External

(18)

TOTAL

EXPENDITURE

OTHER

FUNDS 3/

S/N

STATES

SUB-TOTAL

CAPITAL

(11)

Current

Overall

TOTAL

Transfers

Others

(9)

Internal

Sub-Total

Cost

(7)

(8)

(10)

41.4

(13)

(14)

16.7

(15)

(17)

-

(19)

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

Katsina

Kebbi

Kogi

29.9

9.2

9.5

5.5

2.4

9.1

-

22.9

64.3

55.0

51.7

61.0

374.0

56.2

48.4

48.7

90.5

95.7

80.3

75.2

321.7

48.4

54.7

86.0

161.9

142.68

-

(6.2)

1.0

0.4

1.0

2.3

5.2

1.9

6.2

8.1

16.5

11.0

58.6

10.2

32.3

23.6

25.7

25.6

20.0

22.1

65.4

32.3

19.0

15.2

26.5

20.15

26.7

35.2

28.2

16.4

19.3

122.2

8.5

24.0

17.1

(4.3)

0.7

1.9

4.3

(0.7)

1.5

3.6

9.6

5.8

0.5

5.5

6.3

(7.0)

(4.1)

(117.7)

3.5

Kwara

Lagos

22.6

67.8

23.3

10.5

17.3

49.5

49.2

10.1

26.8

25.6

10.5

8.9

8.1

-

41.6

17.8

(1.5)

17.1

-

5.5

10.4

14.2

0.7

115.0

251.8

47.8

139.3

(5.2)

11.9

78.7

21.9

1.8

100.6

10.1

0.9

(17.1)

13.6

(7.1)

(14.2)

25.0

46.4

4.4

Nassarawa

Niger

-

(13.6)

7.1

8.3

-

43.6

4.8

-

0.9

(8.0)

(19.9)

21.8

47.3

9.7

Ogun

1.2

-

42.2

6.6

20.8

14.2

-

5.7

Ondo

1.6

76.9

13.6

9.8

(11.3)

(36.7)

16.1

(25.0)

(46.4)

(4.4)

(25.0)

(75.7)

4.1

-

3.1

Osun

2.7

8.5

25.4

-

86.0

-

(0.9)

(5.4)

(2.0)

0.7

(0.9)

(5.4)

5.5

Oyo

4.3

59.8

20.5

19.2

176.3

4.8

-

7.5

57.6

-

Plateau

Rivers

7.1

56.0

(5.8)

100.6

8.9

19.5

17.4

(5.0)

(7.9)

41.2

88.2

66.22

-

25.0

75.7

(4.1)

6.6

6.4

47.9

-

145.4

43.6

58.3

1.0

Sokoto

Taraba

0.7

1.0

6.4

-

34.4

20.3

16.0

8.0

13.7

(6.6)

(41.7)

(97.2)

(68.68)

-

14.4

-

0.1

14.5

0.5

Yobe

6.8

2.3

45.8

104.8

87.77

-

70.1

(25.8)

(89.1)

(46.34)

-

0.5

41.7

97.2

68.78

Zamfara

FCT

2.9

19.7

5.56

-

153.9

120.34

-

8.5

-

0.4

9.0

6.86

-

22.35

-

2.56

-

2.56

-

Escrow (Disputed Fund)

-

TOTAL

941.5

713.5

290.1

705.0

2,650.1

1,039.9

3,690.1

342.3

(697.6)

433.5

68.7

502.3

195.4

697.7

1/ Provisional

2/ Gross allocation

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in fund

65

4/ Includes transfers from CRF and Miscellaneous Receipts

Sources: State Governments' and FCT Abuja Accountants-General’s Reports

66

Table 29

State Governments’ and FCT’s Expenditures on Selected Sectors

(Naira Billion)

2016 1/

Capital

2017 2/

Capital

2017 2/

Change % Change

2016

2017 2/

Selected Sectors

Recurrent

Total

Recurrent

Total

As % of GDP

Education

Health

93.7

68.1

161.8

230.4

75.4

305.8

264.8

123.2

55.7

144.0

89.0

0.2

0.1

0.0

0.4

3.1

0.3

0.2

0.1

0.7

3.3

62.3

49.6

44.3

42.3

106.6

91.8

198.5

82.6

66.3

40.5

158.1

31.3

3.6

148.3

34.1

6.9

Agriculture

Water Supply

Housing

22.6

29.5

52.1

40.5

15.2

2.6

17.9

20.6

31.6

25.5

57.0

36.5

373.5

493.7

177.3

86.3

15.4

Total

230.8

2,007.7

202.1

1,201.5

432.9

3,209.2

583.5

2,663.0

222.9

1,039.9

806.4

Total Expenditure

1/ Revised

3,702.9

2/ Provisional

67

Source: CBN Annual Fiscal Survey, Federal Ministry of Finance, OAGF & NBS

68

Table 30

Summary of Local Governments’ Finances 1/

(Naira Billion)

2013

2014

2015

2016

1,083.55

2017 2/

1,338.0

A. Gross Revenue

1,810.0

1,614.8

1,245.63

Share of Federation Account 3/

Share of VAT

1,107.0

267.3

29.3

59.4

12.8

83.2

76.5

34.6

140.0

-

1,125.1

266.9

36.5

11.1

4.1

822.9

261.6

24.0

5.3

6.9

2.8

-

596.0

272.5

36.4

18.8

9.8

58.0

-

828.95

325.13

38.21

14.09

12.87

37.18

-

Internally Generated Revenue

Grants and Others 4/

State Allocation

Excess Crude/PPT

13.6

76.5

26.8

-

SURE-P

NNPC refund to LGs

Budget Augmentation

Exchange Gain

-

5.38

-

1.1

44.2

-

76.1

0.6

1.8

6.1

7.6

66.56

0.19

-

Non-oil excess revenue/Excess Bank Charges

Solid Mineral Revenue

NLNG Dividend

-

47.5

-

2.6

75.3

-

Others 5/

-

5.6

9.42

B. Total Expenditure

Recurrent Expenditure

Personnel Cost

1,806.9

1,414.0

993.7

1,613.8

1,432.6

1,082.5

183.0

1,246.3

1,150.4

905.6

150.6

94.2

1,084.8

994.0

788.7

115.7

89.7

1,338.6

1,194.5

938.5

Overhead Cost

265.6

121.5

CRFC & Others

154.6

167.1

134.5

Capital Expenditure

Administration

392.9

95.0

181.2

51.2

79.5

48.1

2.5

95.9

9.5

90.8

40.7

12.0

36.8

1.3

144.1

61.1

31.2

48.2

3.5

Economic Services

Social & Community Services

Transfers

121.6

127.2

49.1

34.2

52.2

-

C. Current Balance

D. Overall Balance

396.1

3.1

182.2

0.9

95.2

(0.7)

89.5

(1.3)

143.5

(0.6)

E. Financing

(3.1)

-

(0.9)

-

0.7

-

1.3

-

0.6

-

External Loans

Internal Loans

Opening Cash Balance

Other Funds 6/

9.2

3.3

0.9

(5.2)

5.6

(0.5)

(4.4)

2.9

1.9

(3.5)

2.0

1.9

(3.3)

(32.8)

20.4

F. Outstanding Debt

Domestic

8.3

2.3

4.7

39.7

5.0

12.0

2.5

18.2

1.5

19.1

1.6

Local Contractors

Staff Salaries

6.6

7.2

8.9

9.3

Staff Pensions/Gratuities

0.8

0.5

0.0

26.2

1.9

1.4

0.9

0.0

7.3

0.5

0.0

7.7

0.5

0.0

Others

Foreign

0.0

1/ Revised

2/ Provisional

3/ Gross

4/ Includes other non-statutory allocations

5/ Includes Additional Funds to LGCs

6/ Includes Closing Balance

Sources: Federal Ministry of Finance and Staff Estimates

69

Table 31

Summary of Local Governments’ Finances (State-by-State, 2017) 1/

(Naira Billion)

REVENUE & OTHER RECEIPTS

Internally Gen. Rev. (IGR)

Gross Statutory Share of Excess Oil Share of Excess

S/N

STATES

NNPC Refund

Solid Mineral

NLNG Dividend

SURE-P

7

Exchange Gain

VAT

9

State Allocation

NNPC refund

14

Grants and Others

Others 2/

16

TOTAL

17

Allocation

Revenue

Non-Oil Revenue

Tax

10

Non-Tax

11

Sub-Total

12

1

2

3

4

5

-

6

-

8

13

15

1

2

3

4

5

6

7

8

9

Abia

17.21

0.77

0.97

1.30

0.98

1.11

0.45

1.21

1.31

0.85

1.08

0.63

0.83

0.66

0.84

0.58

1.13

1.19

1.33

2.12

0.00

0.01

0.00

0.01

0.00

0.01

0.00

0.01

0.11

-

1.38

5.69

6.80

9.39

7.62

7.58

3.53

7.87

8.64

5.98

8.53

4.49

6.54

5.14

6.25

4.10

8.56

8.97

9.70

18.49

0.25

0.40

0.12

0.36

0.16

0.25

0.30

0.58

0.14

0.43

0.17

0.43

0.11

0.29

0.06

1.22

0.24

0.10

0.69

0.24

1.05

0.11

1.22

0.18

0.19

0.33

0.66

0.27

0.78

0.25

0.53

0.05

0.17

0.11

0.23

0.13

1.00

1.89

0.49

1.44

0.23

1.58

0.34

0.44

0.63

1.24

0.41

1.21

0.42

0.96

0.17

0.46

0.17

1.45

0.38

1.10

2.58

-

0.11

-

0.01

0.98

0.53

0.02

0.03

0.01

0.19

0.07

0.02

0.47

0.10

0.07

0.01

0.27

0.70

0.04

0.20

0.14

0.19

25.67

34.27

42.87

33.92

35.99

15.39

39.22

43.70

27.78

41.65

21.04

28.50

21.94

28.24

20.18

38.58

40.57

45.46

75.37

Adamawa

Akwa Ibom

Anambra

Bauchi

21.70

28.91

21.82

24.77

10.08

26.95

29.26

18.87

24.17

13.96

18.50

14.69

18.79

12.88

25.19

26.46

29.76

47.37

0.14

0.19

0.14

0.16

0.07

0.17

0.19

0.12

0.16

0.09

0.12

0.10

0.12

0.08

0.16

0.17

0.19

0.31

1.74

2.32

1.75

1.99

0.81

2.16

2.35

1.51

1.94

1.12

1.49

1.18

1.51

1.03

2.02

2.12

2.39

3.80

0.24

0.14

0.19

0.14

0.16

0.07

0.17

0.19

0.12

0.16

0.09

0.12

0.10

0.12

0.08

0.16

0.17

0.19

0.31

0.24

-

0.01

-

Bayelsa

-

Benue

0.01

0.30

-

0.00

0.33

0.01

0.02

0.08

-

Borno

Cross River

10 Delta

11 Ebonyi

12 Edo

4.06

0.16

-

13 Ekiti

-

14 Enugu

15 Gombe

16 Imo

-

0.33

-

0.30

0.02

1.01

0.00

0.03

17 Jigawa

18 Kaduna

0.07

0.83

0.46

19 Kano

1/ Provisional

2/ Includes LGCs Share of N0.61 billion from Recovered Excess Bank Charges

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds

Sources: Federal Ministry of Finance and Staff Estimates

70

Table 31 Contd.

Summary of Local Governments’ Finances (State-by-State, 2017) 1/

(Naira Billion)

REVENUE & OTHER RECEIPTS

Internally Gen. Rev. (IGR)

Gross Statutory Share of Excess Oil Share of Excess

S/N

STATES

NNPC Refund

Solid Mineral

NLNG Dividend

SURE-P

7

Exchange Gain

VAT

9

State Allocation

NNPC refund

14

Grants and Others

15

Others 2/

16

TOTAL

17

Allocation

Revenue

Non-Oil Revenue

Tax

10

Non-Tax

11

Sub-Total

12

1

2

3

4

5

6

8

13

20 Katsina

21 Kebbi

22 Kogi

36.07

1.62

1.02

1.06

0.75

1.27

0.67

1.23

0.88

0.84

1.14

1.44

0.90

1.12

0.84

0.85

0.76

0.34

37.2

0.01

0.00

0.01

0.00

0.01

0.00

0.01

0.00

0.01

0.00

0.2

0.23

-

2.90

11.35

6.79

0.48

0.58

0.19

0.05

3.43

0.39

0.48

0.61

0.10

0.23

0.26

0.40

0.19

0.10

0.39

0.80

1.31

0.15

16.4

0.95

0.85

0.20

0.09

1.94

0.46

1.54

0.22

0.06

0.10

0.72

0.22

0.88

0.08

0.32

1.01

1.32

1.44

21.8

1.42

0.39

0.15

5.37

0.84

2.02

0.83

0.17

0.33

0.98

0.62

1.06

0.18

0.70

1.81

2.63

1.59

-

0.23

-

0.17

0.02

0.07

0.11

0.02

0.05

1.01

0.04

0.02

1.92

1.52

0.23

0.04

0.03

0.02

0.07

0.03

0.01

9.4

53.76

34.81

34.08

25.02

85.18

22.16

43.60

40.66

27.74

40.91

53.60

29.77

41.43

36.26

27.14

28.77

27.22

25.55

22.76

23.53

16.65

28.36

14.85

27.49

19.61

18.73

25.37

32.00

20.06

24.87

25.05

18.77

18.87

17.05

7.53

0.15

0.11

0.18

0.10

0.18

0.13

0.12

0.16

0.21

0.13

0.16

0.12

0.11

0.05

5.4

1.83

1.89

1.34

2.28

1.19

2.21

1.57

1.50

2.04

2.57

1.61

2.00

2.01

1.51

1.52

1.37

0.60

66.6

0.43

0.15

0.11

0.18

0.10

0.18

0.13

0.12

0.16

0.21

0.13

0.16

0.12

0.11

0.05

5.4

0.38

0.04

0.02

0.49

0.09

0.11

10.40

0.03

-

6.85

0.10

23 Kwara

24 Lagos

25 Nassarawa

26 Niger

27 Ogun

28 Ondo

29 Osun

30 Oyo

5.16

0.73

47.20

4.20

-

0.16

8.17

1.18

7.19

-

6.33

-

8.84

1.11

13.16

6.01

1.61

0.10

0.20

-

31 Plateau

32 Rivers

33 Sokoto

34 Taraba

35 Yobe

-

12.19

7.49

-

0.21

-

5.17

-

5.37

-

0.16

0.00

-

36 Zamfara

37 FCT

5.26

-

14.56

325.1

0.86

12.9

TOTAL

828.9

-

38.2

14.1

1,338.0

1/ Provisional

2/ Includes Receipt from the Stabilisation Fund

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds

Sources: Federal Ministry of Finance and Staff Estimates

71

Table 31 Cont’d

Summary of Local Governments’ Finances (State-by-State, 2017) 1/

(Naira Billion)

EXPENDITURE & TRANSFERS

BALANCE

FINANCING

OUTSTANDING DEBT

RECURRENT

LOANS

TOTAL

EXPENDITURE

OPENING

BALANCE

S/N

STATES

SUB-TOTAL

CAPITAL

23

Current

25

Overall

26

OTHER FUNDS 3/

TOTAL

32

Domestic

Foreign

34

TOTAL

Personnel Cost

18

Overhead Cost

CRFC

20

Others

21

Internal

28

External

29

Sub-Total

30

19

22

24

27

31

33

35

1

2

3

4

5

6

7

8

9

Abia

14.83

1.79

10.98

1.43

1.15

0.59

0.45

3.03

3.77

0.95

3.24

1.00

1.82

0.69

2.54

1.72

0.50

5.36

3.46

15.37

1.02

2.02

2.63

9.11

4.22

0.65

2.22

0.42

2.59

3.22

2.19

3.01

3.97

3.58

1.55

1.69

3.48

4.46

4.64

0.07

17.7

0.6

2.69

4.6

18.3

8.0

0.61

12.8

(0.60)

9.22

2.1

7.4

(2.08)

8.2

0.03

0.04

0.03

0.12

0.04

-

(0.11)

(0.01)

(0.31)

0.08

(0.1)

-

Adamawa

Akwa Ibom

Anambra

Bauchi

20.56

25.99

23.87

21.96

11.30

34.41

29.65

36.14

36.01

13.60

23.83

17.74

24.71

17.55

19.81

32.70

32.98

60.90

0.10

33.66

30.0

36.34

34.7

0.02

0.05

(0.3)

0.20

0.09

0.0

0.15

0.07

-

0.15

-

0.07

-

0.40

34.52

26.77

13.3

0.40

0.04

0.7

34.93

26.81

14.0

(1.01)

9.18

1.4

-

0.00

0.05

-

Bayelsa

0.87

(0.07)

0.09

0.04

0.02

0.11

0.09

(0.22)

0.10

0.04

0.02

0.01

0.03

0.05

0.29

0.3

(0.20)

(0.26)

(0.43)

(0.12)

0.05

1.98

0.61

-

1.98

0.61

-

Benue

0.00

39.67

33.8

1.34

4.8

41.01

38.6

(0.44)

9.9

(1.78)

5.1

0.30

0.13

(0.4)

(0.10)

0.23

(0.0)

(0.32)

0.2

Borno

-

Cross River

0.33

40.01

42.48

16.8

2.95

0.57

0.6

42.96

43.06

17.4

(12.23)

(0.83)

4.2

(15.19)

(1.40)

3.7

-

10 Delta

11 Ebonyi

12 Edo

0.00

0.07

1.14

-

1.14

-

(0.13)

(0.10)

0.12

0.00

28.66

22.4

1.32

0.7

29.98

23.1

(0.16)

(0.5)

(1.48)

(1.1)

-

1.33

0.69

0.13

-

1.33

0.69

0.13

-

13 Ekiti

-

14 Enugu

15 Gombe

16 Imo

-

30.83

20.83

22.0

4.14

1.86

0.4

34.97

22.69

22.4

(2.59)

(0.65)

16.6

(6.73)

(2.51)

16.2

-

0.05

0.09

0.22

(0.2)

(0.25)

(0.03)

(0.5)

-

0.20

(0.02)

(0.17)

(0.26)

(0.05)

(0.58)

-

17 Jigawa

18 Kaduna

-

41.54

40.90

80.9

6.80

2.07

5.4

48.34

42.97

86.3

(0.97)

4.56

(7.77)

2.49

0.02

0.35

0.32

0.02

0.35

0.32

0.00

-

19 Kano

(5.5)

(10.9)

1/ Provisional

2/ Includes Receipt from the Stabilisation Fund

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds

Sources: Federal Ministry of Finance and Staff Estimates

72

Table 31 Cont’d

Summary of Local Governments’ Finances (State-by-State, 2017) 1/

(Naira Billion)

EXPENDITURE & TRANSFERS

BALANCE

FINANCING

OUTSTANDING DEBT

RECURRENT

LOANS

TOTAL

EXPENDITURE

OPENING

BALANCE

S/N

STATES

SUB-TOTAL

CAPITAL

23

Current

25

Overall

26

OTHER FUNDS 3/

31

TOTAL

32

Domestic

Foreign

34

TOTAL

35

Personnel Cost

18

Overhead Cost

CRFC

20

Others

21

Internal

28

External

29

Sub-Total

30

19

22

24

27

33

20 Katsina

21 Kebbi

35.15

2.08

1.45

4.11

1.32

4.01

0.63

4.00

0.91

1.02

4.00

1.84

3.38

11.53

2.95

2.99

2.26

11.93

1.23

121.5

5.27

2.86

2.04

4.71

3.96

3.86

1.64

12.22

6.31

5.89

8.66

1.09

4.42

4.13

2.01

2.49

1.59

0.57

130.4

-

42.50

1.10

18.1

1.68

0.52

7.0

43.60

11.26

5.7

10.16

(12.5)

2.52

1.08

29.0

3.43

1.1

0.11

0.00

0.10

0.15

0.23

0.01

0.05

0.09

0.05

0.15

0.12

0.05

0.03

0.04

0.03

-

0.09

(0.34)

(0.30)

(0.18)

0.15

0.19

0.01

1.40

0.52

0.65

1.30

0.57

-

0.01

24.83

23.71

16.85

41.16

12.76

31.46

30.94

24.27

19.95

35.43

16.07

33.42

23.26

23.06

15.12

11.99

20.52

938.5

-

29.1

29.89

23.42

49.1

47.3

31.57

23.93

56.2

-

(0.3)

(0.20)

(0.03)

0.8

1.40

0.52

0.65

1.30

0.57

-

22 Kogi

0.02

4.20

1.60

36.0

4.91

6.5

0.00

-

0.00

-

23 Kwara

0.54

24 Lagos

-

0.45

0.01

0.09

0.00

-

0.4

0.01

0.1

0.00

-

25 Nassarawa

26 Niger

-

17.25

37.1

1.47

5.4

18.72

42.5

(0.11)

(0.14)

(0.03)

0.05

(0.09)

(0.0)

0.06

0.10

(0.0)

0.63

0.6

0.00

27 Ogun

0.00

44.07

31.59

29.9

0.25

1.38

1.7

44.32

32.97

31.53

52.97

24.0

(3.41)

(3.85)

11.0

7.67

9.2

(3.66)

(5.23)

9.4

-

28 Ondo

-

0.16

-

0.16

-

29 Osun

0.03

0.04

0.22

0.32

-

0.0

0.22

0.3

-

(0.24)

0.28

30 Oyo

-

45.93

20.6

7.04

3.4

0.63

5.7

5.15

0.64

0.03

0.01

1.61

0.28

0.00

-

5.15

0.64

0.03

0.01

1.61

0.28

0.00

-

31 Plateau

32 Rivers

0.07

0.25

0.08

49.44

30.34

28.1

3.03

8.16

5.5

52.48

38.50

33.6

(8.01)

5.92

(0.9)

8.89

0.08

3.2

(11.04)

(2.24)

(6.5)

0.11

0.14

(0.03)

(0.0)

(0.05)

(0.26)

0.0

33 Sokoto

34 Taraba

35 Yobe

-

(0.07)

(0.05)

(0.08)

(0.27)

(0.0)

-

19.87

27.14

22.3

5.46

25.34

57.68

22.7

3.43

0.00

0.0

2.0

0.00

0.0

2.0

36 Zamfara

37 FCT

1.62

-

30.54

0.4

(30.46)

2.8

0.0

TOTAL

4.2

1,194.5

144.1

1,338.6

143.5

(0.6)

1.9

-

(3.3)

0.6

19.1

-

19.1

1/ Provisional

2/ Includes Receipt from the Stabilisation Fund

3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds

Sources: Federal Ministry of Finance and Staff Estimates

73

Table 32

Local Governments' Expenditure on Selected Primary Welfare Sectors

(Naira Billion)

2015

2016 1/

Capital

9.69

2017 2/

Capital

9.21

Recurrent

445.38

21.58

5.42

Capital

Total

452.66

41.33

8.07

Recurrent

371.29

13.17

4.60

Total

380.98

21.89

7.52

Recurrent

397.28

13.83

5.98

Total

406.48

21.24

9.16

Education

Health

7.27

19.75

2.65

-

8.71

7.41

Agriculture

Water Supply

Housing

2.92

3.18

9.03

2.18

0.72

2.90

2.29

0.57

2.85

3.41

-

3.41

5.30

6.00

11.29

424.58

3.97

3.00

6.97

TOTAL

484.83

29.67

514.50

396.54

28.04

423.35

23.36

446.71

1/ Revised

2/ Provisional

Sources: CBN Annual Fiscal Survey and Staff Estimates

74

Table 33

Consolidated Debt of the Federal Government

(Naira Billion)

Table 32

2013

1,387.3

2014

1,631.5

2015 /1

2,111.5

2016 1/

3,478.9

2017 2/

5,787.5

External Debt

Domestic Debt

Total

7,119.0

7,904.0

8,837.0

11,058.2

12,589.5

8,506.3

9,535.5

10,948.5

14,537.1

18,377.0

Domestic Public Debt (end - Period)

2013 2014 2015 /1

Item

2016 1/

2017 2/

COMPOSITION OF DEBT.

Instruments

Treasury Bills

2,581.6

2,815.5

2,772.9

256.0

-

3,277.3

216.0

3,579.8

176.0

Treasury Bonds

315.4

-

296.2

-

Development Stocks/ Green Bond 3/

FGN Bonds

10.7

4,222.0

4,792.3

5,808.1

7,564.9

8,715.8

7.2

Special FGN Savings Bond

Promisory Notes/ FGN Sukuk 2/

-

100.0

7,119.0

7,904.0

8,837.0

11,058.2

12,589.5

HOLDERS

Banking System

Central Bank

3,762.7

468.9

4,162.9

180.2

4,161.3

877.30

5,424.2

1,688.2

3,736.0

140.4

Deposit Money Banks (DMBs)

Sinking Fund

3,293.8

158.6

3,982.7

176.8

3,284.01

162.2

118.4

Non-Bank Public

3,197.7

7,119.0

3,564.3

7,904.0

4,513.49

8,837.0

5,493.5

11,058.2

12,589.5

TENOR**

Below 1 year

Over 1 - 3 years

Over 3 years

3,100.3

803.0

3,375.8

1,222.8

3,305.5

3,379.3

980.0

3,902.4

910.1

4,878.0

1,460.0

6,251.5

3,215.6

4,477.7

6,245.7

Total Debt Outstanding

7,119.0

7,904.0

8,837.0

11,058.2

12,589.5

** Figures for 2012 have been revised

1/ Provisional

2/ Introduced 30^thSeptember, 2009

75

Sources: Debt Management Office (DMO) and Staff Estimates

76

Table 34

External Public Debt Outstanding

External Debt Stock

1/ Provisional

2/ Includes ABEDA, IDB and EDF

3/ Exim Bank of Korea and Nig. ICT Infrast. Backbone Project.

4/ Includes Papalanto & Omotosho, ZTE, Arcatel and SBI Holdings

5/ Includes Bank of England and CITIbank Lazards agency fees and Oil warrants

Source: DMO

77

Table 35

Gross Domestic Product at 2010 Constant Basic Prices

(Naira Billion, unless otherwise stated)

Percentage Share in Total Real GDP (%)

2014

Activity Sector

2013

2014

2015

2016 /1

2017 /2

2013

2015

2016 /1

2017 /2

1. Agriculture

(a) Crop Production

(b) Livestock

(c) Forestry

14,750.52

13,247.80

1,030.94

154.31

15,380.39

13,793.45

1,086.85

161.34

15,952.22

14,274.94

1,151.32

167.26

16,607.34

14,894.45

1,185.12

171.64

17,179.50

15,437.05

1,204.21

177.33

23.33

20.96

1.63

0.24

0.50

22.90

20.54

1.62

0.24

0.50

23.11

20.68

1.67

0.24

0.52

24.45

21.93

1.74

0.25

0.52

25.08

22.54

1.76

0.26

0.53

(d) Fishing

317.47

338.75

358.70

356.13

360.91

2. Industry

13,014.51

7,105.28

82.87

13,791.25

7,011.81

95.21

13,319.13

6,629.96

102.54

12,062.05

5,672.21

87.61

12,320.61

5,943.99

87.73

20.59

11.24

0.13

20.54

10.44

0.14

19.30

9.61

0.15

9.54

17.76

8.35

0.13

9.28

17.99

8.68

0.13

9.18

(a) Crude Petroleum & Natural Gas

(b) Solid Minerals

(c) Manufacturing

5,826.36

6,684.22

6,586.62

6,302.23

6,288.90

9.22

9.95

3. Construction

4. Trade

5. Services

(a) Transport

(b) Information and Communication

(c) Utilities

(d) Accommodation and Food Services

(e) Finance & Insurance

(f) Real Estate

(g) Professional, Scientific & Technical Services

(h) Adnimistrative and Support Services Bussiness Services

(i) Public Administration

(j) Education

(k) Human Health & Social Services

(l) Arts, Entertainment & Recreation

(m) Other Services

2,272.38

10,507.90

22,673.41

738.08

6,783.07

395.58

540.63

1,833.65

4,904.64

2,265.11

13.72

1,828.84

1,278.41

427.72

2,568.46

11,125.80

24,286.89

770.69

7,257.06

382.44

639.71

1,982.67

5,155.73

2,390.44

13.98

1,874.94

1,391.95

472.63

2,680.22

11,697.59

25,374.78

805.46

7,708.11

367.31

654.22

2,123.90

5,264.70

2,516.07

14.47

1,644.78

1,498.71

484.34

2,520.85

11,669.06

25,071.94

808.60

7,858.70

335.25

619.42

2,027.51

4,903.60

2,536.29

14.37

1,569.52

1,518.93

475.69

2,545.99

11,546.45

24,904.37

839.85

7,776.90

377.61

609.47

2,053.00

4,694.39

2,529.68

14.47

1,563.62

1,507.98

474.24

3.59

16.62

35.87

1.17

10.73

0.63

0.86

2.90

7.76

3.58

0.02

2.89

2.02

0.68

0.18

2.45

3.82

16.57

36.17

1.15

10.81

0.57

0.95

2.95

7.68

3.56

0.02

2.79

2.07

0.70

0.19

2.72

3.88

16.95

36.76

1.17

11.17

0.53

0.95

3.08

7.63

3.65

0.02

2.38

2.17

0.70

0.20

3.12

3.71

17.18

36.91

1.19

11.57

0.49

0.91

2.98

7.22

3.73

0.02

2.31

2.24

0.70

0.22

3.32

3.72

16.86

36.36

1.23

11.35

0.55

0.89

3.00

6.85

3.69

0.02

2.28

2.20

0.69

0.22

3.37

112.44

1,551.53

129.18

1,825.45

141.33

2,151.38

146.58

2,257.47

152.63

2,310.55

TOTAL GDP AT 2010 CONSTANT BASIC PRICES

NON-OIL GDP AT 2010 CONSTANT BASIC PRICES

NET INDIRECT TAXES ON PRODUCTS

63,218.72

56,113.44

724.12

67,152.79

60,140.97

824.67

69,023.93

62,393.97

756.76

67,931.24

62,259.03

721.19

68,496.92

62,552.93

714.72

100.00

88.76

100.00

89.56

100.00

90.39

100.00

91.65

100.00

91.32

TOTAL GDP AT 2010 CONSTANT MARKET PRICES

63,942.85

67,977.46

69,780.69

68,652.43

69,211.63

TOTAL GDP GROWTH RATE (%)

OIL GDP GROWTH RATE (%)

NON-OIL GDP GROWTH RATE (%)

Growths in Total GDP

Agriculture (%)

5.49

(13.07)

8.42

6.22

(1.32)

7.18

2.79

(5.45)

3.75

(1.58)

(14.45)

(0.22)

0.83

4.79

0.47

2.94

(0.10)

9.38

4.27

5.97

7.12

3.72

(3.42)

4.48

4.11

(9.44)

(1.19)

(4.54)

(4.32)

(14.56)

1.95

3.45

2.14

(0.67)

1.26

(0.21)

0.14

(1.04)

Industry (%)

Services (%)

Finance & Insurance (%)

Manufacturing (%)

Solid Minerals (%)

8.63

8.13

7.12

21.80

16.50

8.21

14.72

14.90

6.99

(1.46)

7.70

6.22

Information and Communication (%)

1/ Revised

2/ Provisional

78

Source: National Bureau of Statistics (NBS)

79

Table 36

Gross Domestic Product at Current Basic Prices

(Naira Billion, unless otherwise stated)

Percentage Share in Total Real GDP (%)

2014

Activity Sector

2013

2014

2015

2016 /1

2017 /2

2013

2015

2016 /1

2017 /2

1. Agriculture

(a) Crop Production

(b) Livestock

(c) Forestry

16,816.55

14,862.32

1,399.48

187.95

18,018.61

15,812.57

1,573.05

207.74

19,636.97

17,189.97

1,748.03

222.83

21,523.51

18,883.08

1,875.78

236.25

23,952.55

21,096.11

1,974.45

257.21

21.00

18.56

1.75

0.23

0.46

20.24

17.76

1.77

0.23

0.48

20.86

18.26

1.86

0.24

0.51

21.21

18.61

1.85

0.23

0.52

21.06

18.55

1.74

0.23

0.55

(d) Fishing

366.79

425.25

476.14

528.39

624.79

2. Industry

17,614.29

10,296.33

84.64

18,402.19

9,616.49

100.27

15,073.78

5,990.42

109.59

14,372.78

5,367.32

102.22

20,533.87

10,363.36

126.03

21.99

12.86

0.11

20.67

10.80

0.11

16.01

6.36

0.12

9.53

14.16

5.29

0.10

8.77

18.06

9.11

0.11

8.83

(a) Crude Petroleum & Natural Gas

(b) Solid Minerals

(c) Manufacturing

7,233.32

8,685.43

8,973.77

8,903.24

10,044.48

9.03

9.75

3. Construction

4. Trade

5. Services

(a) Transport

(b) Information and Communication

(c) Utilities

(d) Accommodation and Food Services

(e) Finance & Insurance

(f) Real Estate

(g) Professional, Scientific & Technical Services

(h) Adnimistrative and Support Services Bussiness Services

(i) Public Administration

(j) Education

(k) Human Health & Social Services

(l) Arts, Entertainment & Recreation

(m) Other Services

2,676.28

13,702.84

29,282.60

1,051.22

8,359.41

563.27

3,188.82

15,704.13

33,729.86

1,197.44

9,588.58

621.99

3,472.26

18,028.90

37,933.06

1,361.07

10,781.08

642.54

3,606.56

20,675.86

41,310.78

1,573.52

11,479.50

661.82

4,281.78

21,573.73

43,377.12

1,787.49

11,717.56

831.67

3.34

17.11

36.56

1.31

10.44

0.70

0.81

2.99

8.34

3.69

0.02

2.98

1.94

0.65

0.18

2.53

3.58

17.64

37.88

1.34

10.77

0.70

0.92

3.13

8.40

3.82

0.02

2.97

2.03

0.69

0.20

2.89

3.69

19.15

40.29

1.45

11.45

0.68

0.95

3.46

8.70

4.17

0.02

2.71

2.25

0.73

0.22

3.50

3.55

20.37

40.70

1.55

11.31

0.65

0.91

3.54

8.22

4.44

0.03

2.74

2.41

0.73

0.24

3.93

3.77

18.97

38.14

1.57

10.30

0.73

0.87

3.37

7.56

4.16

0.02

2.57

2.28

0.69

0.23

3.80

648.39

819.78

893.67

925.06

984.20

2,391.17

6,677.10

2,953.82

17.89

2,384.90

1,549.93

518.74

2,791.39

7,475.54

3,401.55

19.72

2,644.23

1,804.40

615.03

3,260.50

8,187.55

3,927.30

22.25

2,552.45

2,116.35

682.70

3,593.33

8,340.43

4,507.76

25.52

2,783.83

2,445.95

745.58

3,835.78

8,591.54

4,726.80

27.03

2,921.59

2,590.86

784.80

143.49

2,023.27

176.99

2,573.21

210.42

3,295.20

239.38

3,989.09

261.09

4,316.71

TOTAL GDP AT CURRENT BASIC PRICES

NON-OIL GDP AT CURRENT BASIC PRICES

NET INDIRECT TAXES ON PRODUCTS

TOTAL GDP AT CURRENT MARKET PRICES

80,092.56

69,796.24

917.40

89,043.62

79,427.13

1,093.37

94,144.96

88,154.54

1,032.78

101,489.49

96,122.17

1,085.93

113,719.05

103,355.69

1,187.62

100.00

87.14

100.00

89.20

100.00

93.64

100.00

94.71

100.00

90.89

81,009.96

90,136.98

95,177.74

102,575.42

114,906.66

TOTAL GDP GROWTH RATE (%)

OIL GDP GROWTH RATE (%)

NON-OIL GDP GROWTH RATE (%)

Growths in Total GDP

Agriculture (%)

11.68

(9.00)

15.56

11.18

(6.60)

13.80

5.73

(37.71)

10.99

7.80

(10.40)

9.04

12.05

93.08

7.53

6.33

3.76

7.15

4.47

8.98

(18.09)

12.46

16.81

3.32

9.61

(4.65)

8.90

10.21

(0.79)

(6.72)

6.48

11.29

42.87

5.00

Industry (%)

Services (%)

Finance & Insurance (%)

Manufacturing (%)

Solid Minerals (%)

17.65

17.86

29.42

18.40

15.04

15.19

16.74

20.08

18.46

14.70

6.75

12.82

23.29

2.07

9.30

12.44

Information and Communication (%)

1/ Revised

2/ Provisional

Source: NBS

80

Table 37

Gross Domestic Product at 2010 Purchasers' Price

(Expenditure Approach)

(Naira Billion)

COMPONENT

2013

2014

2015 /1

2016 /1

2017 /2

Domestic demand

56,813.59

43,048.29

4,444.95

9,320.35

58,017.38

43,312.48

4,133.16

58,015.58

43,941.93

3,641.42

54,442.31

41,437.78

3,090.98

9,913.54

54,885.76

41,775.31

3,116.16

9,994.29

Private Consumption Expenditure

Government Final Expenditure

Gross Fixed Capital Formation

10,571.74

10,432.23

Increase in Stocks

521.87

548.62

517.50

511.28

514.82

Net Export of Goods and Non-Factor Service

Export of Goods and Non-Factor Services

Less Import of Goods and Non-Factor Services

6,607.39

13,301.44

6,694.05

9,411.46

16,505.09

7,093.63

11,247.61

16,519.69

5,272.08

13,698.84

18,424.67

4,725.83

13,811.05

18,575.38

4,764.32

Gross Domestic Product (At 2010 Purchasers' Prices)

63,942.85

67,977.46

69,780.69

68,652.43

69,211.63

1/ Revised

2/ CBN Staff Estimate

Source: NBS and CBN

Table 38

Gross Domestic Product at Current Purchasers' Price

(Expenditure Approach)

(Naira Billion)

COMPONENT

2013

2014

2015 /1

2016 /1

2017 /2

Domestic demand

76,322.62

59,048.10

5,796.44

84,094.00

64,671.26

5,826.89

94,546.81

74,785.69

5,648.95

104,262.29

83,662.54

5,522.95

113,539.46

93,989.99

5,698.81

Private Consumption Expenditure

Government Final Consumption Expenditure

Gross Fixed Capital Formation

11,478.08

13,595.84

14,112.17

15,076.80

13,850.66

Increase in Stocks

595.57

648.24

630.96

658.31

633.27

Net Export of Goods and Non-Factor Service

Export of Goods and Non-Factor Services

Less Import of Goods and Non-Factor Services

4,091.78

14,622.22

10,530.45

5,394.75

16,616.87

11,222.12

-0.03

10,151.95

10,151.98

-2,345.18

9,455.51

11,800.70

733.93

12,711.64

11,977.71

Gross Domestic Product (At Current Purchasers' Prices)

81,009.96

90,136.98

95,177.74

102,575.42

114,906.66

1/ Revised

2/ CBN Staff Estimate

81

Source: NBS and CBN

Table 39

National Income at 2010 Constant Market Prices

(Naira Billion)

COMPONENT

2012

2013

2014

2015 /1

2016 /1

2017 /2

1. Gross Domestic Product

(At 2010 Constant Market Prices)

60,670.05

63,942.85

67,977.46

69,780.69

68,705.33

Net Factor Income From Abroad

LESS

-2,217.18

-2,538.96

-1,917.96

-989.09

-537.47

Other Current Transfers

2. Gross National Income

3,097.77

59,789.46

3,176.34

63,305.47

3,576.89

66,318.53

5,858.78

64,911.00

6,036.19

63,206.61

LESS

Consumption of Fixed Capital (Depreciation)

3. Net National Income (Market Prices)

3,414.16

3,255.50

3,550.16

3,649.09

3,532.37

56,375.30

60,049.97

62,768.37

60,610.20

59,674.24

1/ Revised

2/ CBN Staff Estimate

Source: NBS and CBN

Table 40

Index of Agricultural Production by Type of Activity

(2010=100)

Sub-Sector

2013

(a)

2014

(b)

2015

(c)

2016

2017/2

(e)

(d)

Crops

116.5

117.8

116.7

112.5

124.3

114.7

116.1

121.3

122.7

122.2

118.6

132.7

120.0

121.0

125.3

126.6

125.7

125.1

140.1

122.7

125.2

131.4

132.2

133.7

126.1

139.6

125.2

130.9

136.2

137.9

136.6

128.1

141.5

129.4

135.4

(a) Staples

(b) Other Crops

Livestock

Fishery

Forestry

Aggregate

1/ Provisional

82

Source: Derived from data compiled by NBS

83

Table 41

Estimated Output of Major Agricultural Commodities

('000 Tonnes, Except Otherwise Stated)

Area planted (Million Ha)

Production ('000Tonnes)

Item

2012

2013

2014

2015

2016

2017

2012

2013

2014

2015

2016

2017

Crop Production

Staples

164,433.5

154,203.5

172,422.4

160,280.1

176,215.7

164,806.2

180,009.0

169,332.3

183,802.3

173,858.4

187,680.5

177,526.8

183,990.29

170,000.23

188,680.24

173,880.71

196,445.00

181,086.00

202,947.33

186,880.75

212,851.16

195,032.07

220,598.94

203,413.48

Maize

8,102.2

8,392.1

8,443.3

8,392.1

8,443.3

8,621.5

16,199.5

16,798.5

16,998.12

17,240.80

18,097.5

18,570.26

Millet

5,996.8

9,042.9

47,701.2

19.2

6,167.4

9,332.4

50,056.8

20.0

6,286.3

9,402.4

53,456.5

23.1

6,167.4

9,472.4

56,856.2

26.2

6,286.3

9,542.4

60,255.9

29.3

6,418.9

10,899.2

15,398.6

5,971.9

87.0

11,177.2

15,904.6

6,209.9

89.0

11,297.71

16,103.9

6,464.7

91.3

11,382.00

16,756.4

6,724.6

93.5

11,455.2

17,109.0

6,971.0

98.6

11,761.40

Guineacorn/Sorghum

Rice

Wheat

9,743.8

61,527.3

29.9

17,600.83

8,277.73

102.00

Acha

253.9

266.9

298.4

329.9

361.4

369.0

145.3

149.3

151.1

155.4

168.3

170.12

Beans/Cowpeas

Cassava Old

Potatoes

Yam

Cocoyam

Plantain

12,313.3

5,654.5

298.8

4,115.2

58,798.0

142.9

13,127.5

5,829.0

310.3

4,365.4

59,077.3

148.0

13,325.0

7,041.7

322.6

4,394.3

59,737.6

160.5

13,522.5

8,254.4

334.8

4,423.2

60,397.9

172.9

13,720.0

9,467.1

347.1

4,452.0

61,058.3

185.4

14,009.5

9,666.9

354.4

4,546.0

62,346.6

189.3

6,960.6

58,980.4

2,511.1

41,599.4

3,754.6

1,892.2

7,817.4

7,180.6

61,249.4

2,611.1

42,998.3

3,864.6

1,932.2

8,097.4

7,300.1

63,961.0

2,693.0

43,038.0

3,868.5

1,982.2

8,102.4

7,617.4

66,457.6

2,814.1

44,690.5

4,007.8

2,069.3

8,360.8

7,787.2

68,947.9

2,905.0

45,409.8

4,064.8

2,514.3

9,503.3

8,112.01

71,200.45

3,023.87

46,912.65

4,522.18

2,723.67

10,436.31

-

Vegetables

1,764.6

1,864.6

1,914.6

1,964.6

2,014.7

2,057.2

-

Other crops

Melon

10,230.0

467.0

11,142.3

483.7

11,409.5

535.3

11,676.7

483.7

11,943.9

535.3

12,195.9

546.6

14,060.26

14,665.39

15,359.00

864.86

15,819.77

894.51

16,819.09

966.17

17,185.45

1,002.30

810.2

835.2

Groundnnut/Peanut

Benniseed/Sesame

Soya Bean

Cotton

4,028.6

96.2

4,230.1

98.2

4,399.1

99.2

4,230.1

98.2

4,399.1

99.2

4,491.9

101.3

3,363.5

1,127.4

146.6

1,432.9

6.5

5,263.8

188.9

2,442.0

829.2

356.1

342.1

369.4

3,486.1

126.2

132.2

32.6

5,463.8

192.9

2,552.0

850.3

364.1

358.1

378.4

3,586.1

130.2

137.2

33.6

5,592.52

199.58

2,636.34

879.66

379.14

370.50

390.34

3,719.60

137.48

141.02

34.80

5,721.28

206.23

2,720.65

908.98

394.15

382.85

402.26

3,853.08

144.79

144.81

36.02

6,054.56

382.88

2,807.96

938.31

409.16

395.20

488.18

3,988.57

168.11

158.60

44.75

6,217.30

399.20

2,829.70

969.30

426.60

412.50

522.20

4,004.70

171.50

163.80

48.20

2,970.7

982.4

124.4

1,221.5

5.9

3,091.4

999.8

136.8

1,327.8

6.1

3,294.0

1,104.1

143.6

1,403.3

6.4

3,091.4

999.8

136.8

1,327.8

6.1

3,294.0

1,104.1

143.6

1,403.3

6.4

Oil Palm

Cocoa

Rubber

Sugarcane

Kolanut

176.9

131.5

10.3

189.6

138.4

11.3

252.2

144.9

11.8

189.6

138.4

11.3

252.2

144.9

11.8

257.5

148.0

12.0

Ginger

Cashew

6.9

7.1

7.3

7.1

7.3

7.5

Pinneaple

Palm Produce

1.9

2.0

5.5

5.7

6.04

6.35

7.85

8.45

5.8

6.3

6.4

6.6

6.9

7.11

7.35

8.80

9.70

Livestock Products

Poultry

Goat Meat

Mutton

Beef

Pork

Milk

Eggs

4,933.40

185.2

810.3

750.3

396.8

94.1

5,222.90

194.2

830.3

781.3

411.8

99.1

5,506.17

208.80

872.32

831.68

435.21

105.50

2,092.71

959.95

5,809.01

223.42

914.38

882.05

458.58

111.92

2,243.94

1,023.65

5,853.16

224.1

915.2

884.3

459.8

113.0

2,232.5

1,024.2

5,947.40

226.00

920.89

892.90

463.80

116.70

2,242.50

1,084.61

1,851.5

849.3

1,941.5

896.2

Fishery

851.94

331.0

319.6

130.6

68.8

928.03

356.0

340.6

140.6

70.8

990.25

387.31

371.15

155.01

76.78

1,045.60

418.66

401.65

169.46

82.78

1,042.05

411.01

390.35

163.91

76.79

1,056.01

413.11

396.45

168.56

77.89

(1) Artisanal Coastal and Brackish Water Catches

(2) Artisanal Inland Rivers and Lakes Catches

(3) Fish Farming

(4) Industrial (Trawling) Coastal Fish & Shrimps

Forestry ('000 cu meteres)

Roundwood

Sawnwood

Wood Based Panels

Papers & Paperboards ('000MT)

185,132.19

178,971.7

4,191.5

269.7

195,590.40

185,971.7 199,256.38

4,501.5

289.7

51.4

204,484.41

209,064.86

212,541.08

5,220.51

335.67

213,413.41

208,257.0 214,997.18

4,709.2

388.9

58.3

220,477.39

4,861.00

312.67

54.36

4,974.21

444.40

61.60

49.4

57.35

1/ Provisional

Source: NBS

84

Table 42

Indices of Average World Prices (C.I.F.) of Nigeria’s

Major Agricultural Export Commodities

(Dollar-based, 2010 = 100)

COMMODITY

2012

2013

2014

2015

2016

2017/ 2

Cocoa

¹

Coffee

²

Copra

³

Cotton

³

Palm Oil

³

76.3

95.2

98.3

86.1

109.3

77.9

71.2

82.4

87.2

88.9

97.8

102.3

113.9

80.2

100.1

81.6

98.2

67.9

65.7

92.3

83.6

131.1

71.6

74.4

64.8

77.9

142.0

80.6

79.1

86.0

Soya Beans

³

All Commodities

SOURCE:

139.2

81.0

133.9

79.5

118.5

96.2

90.0

95.3

93.9

90.0

98.3

67.2

Sources: ¹International Cocoa Organisation Website

²International Coffee Organisation Website

³Index Mundi

Table 43

Indices of Average World Prices (C.I.F.) of Nigeria’s Major Agricultural Export Commodities

(Naira-based, 2010 = 100)

COMMODITY

2012

2013

2014

2015

2016

2017/ 2

Cocoa

¹

Coffee

²

Copra

³

Cotton

³

Palm Oil

³

80.0

99.7

81.5

74.5

86.2

91.3

93.0

103.1

107.8

120.0

84.4

131.8

105.0

128.0

89.3

154.1

142.8

223.4

122.5

126.5

131.8

158.4

288.9

164.0

161.0

103.0

90.2

114.6

90.6

85.0

Soya Beans

³

All Commodities

SOURCE:

145.8

84.8

140.1

83.2

124.8

101.5

117.1

125.3

159.2

150.5

200.0

136.7

Sources: ¹International Cocoa Organisation Website

²International Coffee Organisation Website

³Index Mundi

85

Table 44

Average Prices of Selected Cash Crops

(Naira per Tonne)

COMMODITY

Benniseed

2012

2013

2014

2015

2016

2017

106,527.0

508,438.6

198,251.7

420,083.9

34,270.9

28,719.6

254,873.2

70,533.1

214,313.1

88,748.0

148,839.3

55,798.0

88,274.2

217,097.1

294,171.4

183,623.1

403,446.3

153,890.0

191,912.9

333,284.3

69,786.7

413,177.4

135,531.4

140,922.1

309,491.7

147,291.4

357,994.1

379,933.6

258,908.6

413,532.4

185,788.2

203,814.3

386,035.7

68,686.5

560,685.4

151,190.0

145,149.7

427,242.9

164,742.0

418,891.1

395,695.8

304,194.0

423,618.6

210,686.4

215,715.7

418,787.1

67,586.3

608,193.4

161,848.6

149,377.4

501,294.1

182,192.6

479,788.1

411,458.0

349,479.5

433,704.7

235,584.6

227,617.1

451,538.5

68,486.1

695,701.4

172,507.2

153,605.1

575,345.3

199,643.2

390,000.0

570,240.0

402,113.5

442,378.8

300,127.8

240,175.1

380,245.0

115,261.0

718,000.0

130,000.0

160,007.0

550,000.00

178,220.1

Cocoa

Coffee (Arabica)

Tea

Cotton

Groundnut (Unshelled)

Ginger (Peeled)

Palm Kernel

Palm Oil (Special)

Soya Beans

Rubber (100% Dry Lump top quality)

Cashew Nut

Wheat

1/ Provisional

Source: CBN Nationwide Survey

86

Table 45

Index of Industrial Production 1/

(2010 = 100)

Year/Quarter

2011

Manufacturing

Mining

Electricity

Total (All Sectors)

117.74

109.47

117.55

122.43

121.49

103.60

124.12

110.63

96.76

139.76

140.96

145.93

135.28

136.86

108.27

120.08

113.18

104.85

95.00

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

82.90

2012

133.7

134.7

132.8

139.6

127.9

98.7

114.0

99.6

106.4

74.7

161.2

174.6

188.2

139.4

142.4

109.9

120.9

110.6

116.6

91.3

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2013

162.85

163.17

162.81

166.11

159.30

85.90

101.21

83.51

90.96

67.92

183.99

173.71

210.19

173.09

178.96

109.89

120.43

108.61

114.19

96.33

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2014

186.85

188.32

185.63

192.68

180.77

84.85

94.75

87.95

87.84

68.85

166.72

180.22

166.95

135.74

183.98

115.94

123.42

117.74

119.27

103.33

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2015 /2

187.26

187.01

178.55

191.78

191.72

84.88

87.26

82.13

93.79

76.33

166.15

129.89

147.57

153.83

233.32

116.07

117.11

111.35

123.39

112.45

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2016 /2

180.00

173.90

173.60

184.50

188.00

74.48

84.70

69.50

75.10

68.60

130.03

72.10

119.10

129.40

199.50

106.18

110.60

100.70

107.90

105.50

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2017 /2

179.60

176.3

174.7

179.2

188.2

77.24

69.5

76.9

92.9

69.6

151.42

68.5

161.4

144.3

231.5

108.33

100.8

106.8

119.0

106.8

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1/ Revised

2/ Provisional

Sources: CBN Surveys, NNPC, Federal Ministry of Power and Steel, Ministry of Solid Minerals

Development and rebased gross domestic product at 2010 constant basic prices obtained from the National

Bureau of Statistics (NBS).

87

Table 46

Index of Manufacturing Production 1/

(Base Quarterly Average, 2010 = 100)

Pulp, Chemical

Food,

Beverage Apparel

Textile,

and

Non-

Basic Motor

metal , Iron vehicles &

Total

Manufac

turing

Oil

Refining

Wood and Paper and

Wood

Products

and

Plastic and Electrical

Rubber and

products Electronics

Other

Manufactu

ring

Year/Quarter

Metallic

Products

Cement

Paper

Products

Pharmac

eutical

Products

and

Tobacco Footwear

and Steel

assembly

2011

106.21

106.96

106.84

106.34

104.71

107.67

97.87

106.55

111.94

114.33

107.28

103.32

107.32

108.81

109.65

161.28

125.03

167.82

184.14

168.11

105.63

99.13

103.01

113.85

106.53

117.01

109.14

114.17

120.79

123.96

154.61

111.13

162.92

164.58

179.82

166.75

153.00

158.85

191.15

164.02

224.72

213.18

222.01

230.49

233.22

182.11

160.80

173.66

192.11

201.87

231.46

212.54

221.62

234.67

257.01

120.16

118.29

121.90

116.25

124.22

139.34

130.30

134.08

153.43

139.56

117.78

109.52

117.55

122.54

121.50

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2012

87.60

88.70

87.46

86.66

122.27

120.23

123.66

123.06

122.15

114.37

111.52

112.54

124.23

109.19

233.51

258.12

245.56

230.81

199.54

127.60

129.57

125.14

133.10

122.61

124.67

134.21

123.25

120.06

121.16

245.67

160.43

251.44

238.80

331.99

188.66

197.20

179.87

205.94

171.65

314.32

310.33

317.34

317.01

312.58

180.55

178.24

183.99

181.10

178.85

279.95

282.97

280.30

280.20

276.32

161.69

179.90

163.08

148.59

155.18

184.21

227.32

169.31

165.31

174.89

133.92

135.58

133.46

139.77

126.90

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

135.10

137.32

136.02

133.82

133.27

170.23

164.92

169.26

173.64

173.12

127.85

125.30

127.26

132.19

126.64

314.03

347.80

329.83

310.17

268.30

138.90

136.86

136.68

144.38

137.66

180.74

183.68

178.28

179.61

181.40

367.94

308.55

384.85

388.74

389.63

249.26

244.91

240.05

267.43

244.64

409.05

401.87

410.39

413.39

410.55

189.83

182.41

188.89

192.70

195.30

317.21

312.70

311.65

317.89

326.61

203.01

209.61

204.56

195.25

202.62

245.65

260.07

236.78

245.12

240.65

163.11

164.47

163.84

166.26

157.89

2013

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

122.12

116.40

126.84

145.48

99.75

220.79

215.41

216.84

222.40

228.52

135.04

132.40

133.83

140.77

133.17

412.14

467.76

426.15

403.90

350.78

156.52

152.27

155.16

162.66

156.00

206.23

198.60

203.59

208.96

213.78

507.56

436.94

533.02

542.36

517.91

334.84

332.33

323.34

366.74

316.95

532.66

523.90

528.31

541.91

536.53

202.10

193.87

196.82

209.79

207.93

366.60

352.87

358.21

369.66

385.67

255.13

273.79

252.80

242.13

251.81

316.82

345.79

299.25

317.61

304.64

187.21

190.31

187.09

192.92

178.51

2014

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

78.67

53.72

44.97

128.79

87.19

269.60

265.40

266.17

269.60

277.24

127.80

131.31

125.94

128.28

125.68

406.58

443.28

412.62

409.88

360.55

166.37

164.57

163.87

171.93

165.12

220.30

212.13

217.38

223.21

228.47

599.86

548.66

619.56

624.42

606.79

382.41

391.72

365.61

415.24

357.08

628.02

643.00

618.08

630.04

620.94

204.77

198.38

196.08

210.94

213.66

378.04

368.63

367.76

380.25

395.53

241.36

279.72

251.58

215.02

219.14

304.63

326.17

280.10

310.83

301.42

187.30

187.00

178.50

191.80

191.70

2015 2/

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

2016 2/

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

80.68

41.60

67.10

127.70

86.30

255.18

253.90

251.60

252.70

262.50

119.75

116.70

119.00

120.90

122.40

401.58

430.20

405.60

406.10

364.40

159.63

164.00

154.10

161.10

159.30

211.13

208.80

204.00

213.60

218.10

607.10

581.00

634.10

614.90

598.40

394.70

413.30

376.30

427.80

361.40

650.60

673.90

637.30

650.10

641.10

188.05

156.20

191.50

202.30

202.20

380.73

364.80

374.60

383.90

399.60

171.70

226.00

177.80

143.40

139.60

262.00

286.30

243.30

264.40

254.00

180.00

173.90

173.60

184.50

188.00

58.4

42.8

74.7

69.7

46.4

249.6

258.5

241.1

241.2

257.4

122.6

121.5

122.2

121.6

125.0

404.7

435.2

406.4

406.9

370.4

160.5

168.0

150.9

163.1

159.9

211.4

200.2

209.8

224.1

611.8

575.7

627.9

616.4

627.2

402.4

410.3

390.6

435.4

373.2

656.9

661.9

648.4

654.4

663.0

182.7

135.3

188.2

203.9

203.5

381.3

361.9

375.2

382.6

405.7

134.5

142.5

142.7

112.9

139.9

243.6

257.6

216.8

238.7

261.2

179.6

176.3

174.7

179.2

188.2

2017 2/

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1/ New Report Template

2/ Provisional

Sources: Data Derived from the NBS and CBN Surveys.

88

Table 47

Production of Principal Solid Minerals

(Tonnes)

Percentage

Change

Between

Absolute Change

Between

SOLID MINERALS

2013

1

2014

2

2015

3

2016

4

2017 /1

5

4&5

33.0

40.9

653.8

-37.1

65.7

-

Baryte

18,960.16

7,113.24

3,322.64

537.00

714.00

177.00

Clay

742,029.19

40,359.39

1,711,560.44

321,555.13

31,722.00

1,042,079.02

121,952.93

16,400.00

1,808,268.31

104,634.86

25,517.50

1,843,605.45

-

2,547,916.66

788,749.27

16,046.70

3,054,957.90

-

739,648.35

684,114.41

(9,470.80)

1,211,352.45

-

Coal

Marble

40,218.00

Sand

3,336,140.36

4,631,893.04

0.01

1,955,345.14

4,863,487.69

0.04

2,968,789.84

5,106,662.07

21,473.00

Stone Aggregates

Gold (G)

Granite Aggregates

Lead/Zinc

Limestone

Iron Ore

0.02

0.01

(0.01)

-50.0

29.9

88.2

-40.5

-99.0

77.2

-48.6

76.0

-28.6

26.4

-12.3

15,501,861.75

15,366.94

15,518,461.07

34,913.00

9,443,503.53

13,563.00

7,132,851.86

9,789.84

9,264,555.30

18,423.05

16,896,403.28

15.87

2,131,703.44

8,633.21

23,482,158.10

2,086.00

25,964,212.26

1,869.28

18,906,749.19

5,874.13

28,400,854.67

1,548.08

(11,504,451.39)

(1,532.21)

1,539,270.70

(589,787.98)

2,202.65

Laterite

5,643,569.09

1,062,957.00

841.63

6,659,306.89

1,088,815.00

381.92

3,365,151.48

904,286.00

881.30

1,994,015.55

1,214,672.93

2,897.23

3,533,286.25

624,884.95

5,099.88

Shale

Tin Ore (Cassiterite)

Columbite

Other Minerals

TOTAL

328.05

370,219.02

54,888,987.72

413.39

571.89

1,858.06

1,326.21

1,773,866.13

38,526,245.45

(531.85)

370,997.26

465,480.43

58,624,636.91

576,722.63

42,497,982.65

1,402,868.86

43,943,920.23

89

1/ Provisional

Source: Federal Ministry of Mines and Steel Development

90

Table 48

Energy Consumption

(Tonnes of Coal Equivalent (TCE))

(2010 = 100)

Type

Weight

2011

2012

2013

2014 /1

2015 /2

Coal

Percentage Share

Hydro - Power

Percentage Share

Natural Gas

Percentage Share

Petroleum Products

Percentage Share

0.2

32,378.5

0.2

53,132.6

0.3

33,324.8

0.3

100,696.5

84,182.5

0.9

1.1

19.4 3,305,962.9 3,227,657.5 3,038,355.0 2,814,865.7 4,026,013.6

18.7 19.4 23.8 31.1 45.2

13.2 2,312,667.3 2,672,531.8 2,571,927.1 662.6 1,327,926.8

13.1 16.1 20.1 38.4 14.9

67.2 12,009,240.0 10,659,927.1 7,120,510.0 2,652,329.6 3,466,145.9

68.0 64.2 55.8 29.3 38.9

100.0 17,660,248.8 16,613,249.0 12,764,116.8 9,041,554.4 8,904,268.8

126.8 118.5 87.8 56.2 50.6

Total

Index of Energy Consumption(2010 = 100)

/1 Revised

/2 Provisional

Sources: Federal Ministry of Solid Mineral Development; Federal Ministry of Power & Steel, NNPC &

PHCN

91

Table 49

Consumption of Petroleum Products

(‘000 Liters)

Product

2013 1/

2014 1/

2015 1/

2016 1/

2017 1/

-

Liquefied Petroluem Gas or Cooking Gas

Premium Motor Spirit (PMS- Gasoline)

Dual Purpose Kerosine (DPK)

Automative Gas Oil (AGO)

Low Pour Fuel Oil (LPFO)

4,828.50

-

32,297.06

3,005,599.11

545,165.90

597,351.74

312,620.76

-

17,399,476.63

15,894,471.33

17,408,276.04

919,292.52

3,902,176.20

102,374.77

-

13,313,545.56

647,388.74

1,297,599.56

304,963.46

-

2,884,122.12

3,091,064.80

3,219,163.71

2,830,756.79

-

Bitumen/Asphalt

Others (Wax, Petroleum Jelly, Grease, Base Oil etc)

55,966.86

534,250.20

311,427.99

Total

1/ Revised

4,521,532.87

23,502,762.46

21,816,292.92

22,898,666.79

15,874,925.31

2/ Provisional (Data up to August 2015)

Source: Nigerian National Petroleum Corporation (NNPC)

Table 50

Contribution from Local Refineries (Metric Tonnes)

Contribution from Local refineries (MT)

Refined Products

2013

2014

2015

2016

2017

LPG

PMS

DPK

162,043

1,237,307

746,956

1,019,143

1,345,604

(5,289.00)

50,442

22,379

6,516

121,685

931,095

398,431

669,302

349,847

7,034

102,299

1,150,952

536,072

870,868

819,518

5,143

955,766

500,164

628,952

773,556

1,394

716,218

204,355

242,871

149,772

26

AGO

FUEL OIL

ASPHALT

FUEL & LOSSES

398,410

3,280,621

217,904

1,537,662

129,629

2,607,023

190,144

3,674,996

TOTAL

1/ Provisional

4,556,206

* 2014 and 2015 does not include contributions from KRPC

Source: PHRC and WRPC

92

Table 51

Gas Production, Utilisation and Disposal (mscf)

2012

2013

2014

2015

2016/1

1

2

3

4

5

Gas Produced

2,580,165,626.0

115,677,106.0

875,458,449.0

329,863,143.0

462,875,916.0

72,904,179.0

47,186,521.0

1,991,498,902.0

77.2

2,325,137,449.0

128,523,560.0

606,542,389.0

300,877,404.0

638,506,664.0

46,898,121.0

56,076,709.0

1,916,531,001.0

82.4

2,524,268,444.0

154,370,682.0

712,296,160.0

391,369,174.0

643,806,744.0

104,577,824.0

38,795,138.0

2,234,668,430.0

88.5

2,929,852,323.0

159,191,015.0

1,017,209,664.0

421,193,880.0

727,455,410.0

77,070,650.0

41,913,989.0

2,588,480,059.0

88.3

1,147,198,482.0

69,097,583.0

309,708,741.0

157,817,024.0

317,509,235.0

24,529,261.0

29,765,610.0

989,535,360.0

86.3

Gas Used as Fuel

Gas Sold to Industries

Gas Sold to LNG

Gas Reinjected

Gas Lifted

Gas Converted to NGLs

Total Gas Utilised

Gas Utilised as % of Gas Produced

Gas Flared

588,666,724.0

22.8

409,311,430.0

17.6

289,600,014.0

11.5

341,372,264.0

11.7

157,663,122.0

13.7

Gas Flared as % of Gas Produced

1/ Provisional Data (Data up to May 2016)

Source: NNPC, DPR, CBN Estimates

93

Table 52

World Crude Oil Production and Consumption

(Million Barrels Per Day)

2013

1

2014

2

2015

3

2016

4

2017

5

ABSOLUTE CHANGE BETWEEN

(1)&(2) (2)&(3) (3)&(4)

(4)&(5) (1)&(2)

(2)&(3) (3)&(4) (4)&(5)

PERCENTAGE CHANGE BETWEEN

Supply

OPEC

35.9

36.0 38.01

30.12 31.85

38.78

32.64

6.14

38.70

0.10

2.06

1.73

0.33

0.67

2.82

0.77

0.79

-0.02

0.15

0.92

-0.08

-0.25

0.17

0.77

0.69

0.3

(0.3)

3.2

5.7

1.2

3.1

2.0

2.5

(0.2)

(0.8)

2.8

Crudes

30.20

5.65

54.2

90.1

32.39 -0.08

NGLs and condensates

TOTAL NON -OPEC

Total World Supply

Demand

5.83

6.16

6.31

57.79

96.49

0.18

2.00

2.01

(0.3)

0.3

56.2 56.87

57.02

95.80

3.7

1.4

92.1 94.88

2.2

1.0

0.7

OECD

46.0

44.2

90.2

45.7 46.21

45.4 46.71

91.2 92.92

46.90

48.52

95.42

47.35 -0.28

0.48

1.28

1.72

0.69

1.81

2.50

0.45

1.12

1.57

(0.6)

2.8

1.0

2.8

1.9

1.5

3.9

2.7

1.0

2.3

1.6

NON - OECD

Total World Demand

Nigeria

49.64

1.23

1.00

96.99

1.1

Output

1.93

1.48

0.45

1.94

1.49

0.45

2.12

1.67

0.45

1.62

1.17

0.45

1.72

1.27

0.45

0.01

0.00

0.18

0.00

-0.50

0.00

0.10

0.00

0.5

0.7

-

9.3

12.1

-

(23.6)

(29.9)

-

5.9

8.2

-

Exports

Domestic Consumption

Source: OPEC, Reuters

94

Table 53

Analysis of Average Spot Prices of Selected Crudes Traded at the International Oil Market

(US Dollar per Barrel)

Crude Type

2013

1

2014

2

2015

3

2016

4

2017

5

Absolute Change Between

Percentage Change Between

(1)&(2)

(2)&(3)

(3)&(4)

(4)&(5)

(1)&(2)

(2)&(3)

(3)&(4)

(4)&(5)

Bonny Light

UK Brent

111.4

100.7

53.1

48.8

54.91

54.13

50.42

-10.62

-9.27

-3.31

-47.67

-51.75

-43.92

-4.25

-4.39

-5.86

6.09

10.92

7.17

-9.5

-47.3

-8.0

12.47

25.27

16.58

108.6

96.3

99.4

93.0

47.6

49.1

43.2

43.3

-8.5

-3.4

-52.1

-47.2

-4.4

-6.3

West Texas

Intermediate(WTI)

Forcados

112.5

105.9

101.3

96.3

47.4

49.5

44.0

40.8

54.76

52.43

-11.21

-9.58

-53.93

-46.79

-3.41

-8.74

10.77

11.67

-10.0

-9.0

-53.2

-48.6

-3.4

-9.1

24.48

28.63

OPEC Basket

95

Source: OPEC, Reuters

96

Table 54

Composite Consumer price Index

(November 2009 = 100)

2013

1

2014

2

2015

3

2016

4

2017

5

Percentage change between

(1) & (2) (2) & (3) (3) & (4) (4) & (5)

All- Item

152.3

153.0

150.8

147.4

154.3

153.9

134.7

149.8

162.2

164.4

162.5

160.2

159.5

168.4

167.9

144.7

161.3

171.8

155.5

153.5

159.7

125.5

139.6

147.0

144.6

156.2

164.4

180.1

176.7

173.8

177.1

186.2

185.6

157.8

177.1

184.6

167.2

165.8

176.1

129.3

149.4

160.8

157.2

170.3

180.1

213.6

208.6

199.3

214.4

218.6

217.6

181.2

246.4

233.8

224.4

248.5

261.0

259.8

196.8

8.0

6.2

6.3

8.2

9.2

9.1

7.4

7.7

5.9

7.9

7.0

6.7

3.8

7.3

6.6

7.6

7.0

9.6

8.7

8.4

11.1

10.6

10.5

9.0

9.8

7.5

8.0

10.2

3.1

7.0

9.4

8.7

18.5

18.1

14.7

21.1

17.4

17.2

14.8

17.8

27.3

13.6

11.3

17.3

5.3

15.4

12.1

12.6

15.9

19.4

8.6

15.0

8.3

13.7

11.4

12.3

3.5

All- Item Less Farm Produce

All- Item Less Farm Produce & Energy

Imported Food

Food

Food & Non-Alcoholic Beverages

Alcoholic Beverage, Tobacco & Kola

Clothing & Footwear

Housing, Water, Electricity, Gas & other Fuel

Furnishing & household Equipment Maintenance 144.1

208.6 239.8

234.9

190.0

184.5

206.5

136.2

164.5

195.5

171.2

191.9

213.6

254.4

216.0

205.6

232.0

140.9

180.9

216.9

189.1

213.9

246.4

Health

Transport

143.5

149.6

120.9

130.1

137.9

134.4

145.9

152.3

Communication

Recreation & Culture

Education

Restaurant & Hotels

Miscellaneous goods & Services

End-December CPI

10.1

21.6

8.9

9.9

11.0

10.5

11.5

9.0

12.7

Note: Imported Food component was introduced in 2009.

Source: NBS

97

Table 55

Urban Consumer Price Index

(November 2009 = 100)

2013

1

2014

2

2015

3

2016

4

2017

5

Percentage change between

(1) & (2) (2) & (3) (3) & (4) (4) & (5)

All- Item

151.4

150.4

147.7

146.7

151.0

150.6

127.6

152.2

164.9

163.4

160.1

157.0

159.2

165.4

164.9

138.1

162.9

173.8

151.6

152.7

164.0

123.5

141.7

147.4

146.4

157.1

163.4

179.2

174.3

170.7

177.2

183.8

183.1

151.5

178.5

185.9

163.3

165.6

182.4

127.2

152.1

161.2

158.2

170.7

179.2

215.3

208.5

197.5

215.3

216.2

215.0

175.0

210.1

247.7

186.6

184.4

215.7

133.4

166.5

194.4

171.7

193.1

215.3

249.3

235.8

224.7

251.5

260.3

258.7

191.5

243.8

267.4

216.4

208.4

246.5

139.4

186.2

217.6

194.3

218.6

249.3

7.9

6.4

6.3

8.5

9.5

8.2

7.0

5.4

8.4

7.0

6.9

4.1

8.1

7.0

7.8

7.1

9.7

8.9

8.7

11.3

11.1

11.0

9.7

9.6

6.9

7.7

8.4

11.2

3.0

7.3

9.3

8.0

20.1

19.6

15.7

21.5

17.6

17.4

15.5

17.7

33.2

14.3

11.3

18.3

4.9

15.8

13.1

13.8

16.8

20.4

20.3

9.4

16.0

8.0

15.9

13.0

14.3

4.5

All- Item Less Farm Produce

All- Item Less Farm Produce & Energy

Imported Food

Food

Food & Non-Alcoholic Beverages

Alcoholic Beverage, Tobacco & Kola

Clothing & Footwear

Housing, Water, Electricity, Gas & other Fuel

Furnishing & household Equipment Maintenance 139.8

Health

Transport

142.7

153.4

118.7

131.1

137.7

135.9

146.8

151.4

Communication

Recreation & Culture

Education

Restaurant & Hotels

Miscellaneous goods & Services

End-December CPI

9.4

20.6

8.6

11.9

12.0

13.1

13.2

8.7

13.1

Source: NBS

98

Table 56

Rural Consumer Price Index

(November 2009 = 100)

2013

1

2014

2

2015

3

2016

4

2017

5

Percentage change between

(1) & (2) (2) & (3) (3) & (4) (4) & (5)

All- Item

153.3

155.2

153.4

148.0

157.4

157.0

142.0

147.5

159.5

165.5

164.6

162.9

159.7

171.2

170.9

151.6

159.6

169.7

159.4

154.2

153.4

126.2

137.7

146.6

143.1

155.4

165.5

181.1

178.7

176.3

177.0

188.6

188.1

164.4

175.5

183.2

171.1

166.0

167.5

130.0

146.9

160.4

156.4

169.9

181.1

212.2

208.7

200.9

213.7

220.8

220.1

187.4

206.9

221.7

193.4

184.6

193.6

137.2

162.6

196.4

170.8

190.9

212.2

244.1

232.2

224.2

246.1

261.9

260.9

202.5

235.8

241.3

216.2

203.4

214.3

140.9

176.1

216.4

184.9

210.1

244.1

8.0

6.1

6.2

7.9

8.8

6.8

8.3

6.3

7.3

7.0

6.5

4.0

6.7

6.2

7.4

7.0

9.4

8.6

8.2

10.9

10.1

8.4

10.0

7.9

7.4

7.6

9.2

3.0

17.2

16.8

13.9

20.7

17.1

17.0

14.0

17.8

21.1

13.0

11.2

15.6

5.5

15.0

11.3

11.6

15.1

18.6

8.0

14.0

8.8

11.8

10.2

10.7

2.7

All- Item Less Farm Produce

All- Item Less Farm Produce & Energy

Imported Food

Food

Food & Non-Alcoholic Beverages

Alcoholic Beverage, Tobacco & Kola

Clothing & Footwear

Housing, Water, Electricity, Gas & other Fuel

Furnishing & household Equipment Maintenance 148.5

Health

Transport

144.1

121.3

129.0

138.0

133.3

145.2

153.3

Communication

Recreation & Culture

Education

Restaurant & Hotels

Miscellaneous goods & Services

6.8

9.4

9.3

10.6

22.5

9.2

8.3

10.1

8.3

12.4

10.0

CPI, End-December

Source: NBS

99

Table 57

Balance of Payments

(US$’ Million)

2013

2014

906.54

2015

2016 /1

2,722.34

2017 /2

10,398.21

CURRENT ACCOUNT

Goods

Credit

19,205.15

42,517.47

97,818.22

-55,300.75

97,818.22

90,574.69

81,142.90

9,431.79

7,243.53

104.10

-15,438.64

-6,447.02

45,887.74

-52,334.76

45,887.74

42,443.39

35,911.26

6,532.13

3,444.35

129.37

21,002.06

82,595.80

-61,593.74

82,595.80

76,515.31

66,127.29

10,388.03

6,080.49

125.03

-536.06

34,703.90

-35,239.95

34,703.90

32,029.04

27,356.57

4,672.47

2,674.86

116.19

13,148.15

45,817.49

-32,669.34

45,817.49

42,296.86

36,117.17

6,179.69

3,520.63

112.29

Debit

Exports fob

Crude oil & gas

Crude oil

Gas

Non-oil and Electricity

Electricity

Other Non-oil

Imports fob

Crude oil & gas /3

Non-oil

Trading Partner Adjustment

Services(net)

7,139.43

-55,300.75

-15,195.58

-40,105.17

0.00

-19,565.79

2,415.81

-21,981.59

-7,476.26

1,108.28

-8,584.54

-3,237.05

78.36

-3,315.41

-4,441.58

554.39

-4,995.97

202.36

475.52

-273.16

-5,369.58

542.39

-5,911.97

-690.22

0.00

-690.22

-4,679.36

542.39

-5,221.75

-2,505.88

0.00

5,955.46

-61,593.74

-13,806.03

-47,787.71

0.00

-22,862.47

1,991.35

-24,853.82

-8,004.57

774.38

-8,778.94

-3,268.67

62.17

-3,330.83

-4,656.05

346.10

-5,002.15

-79.85

366.11

-445.96

-5,268.26

543.13

-5,811.39

-1,155.32

0.00

-1,155.32

-4,112.94

543.13

3,314.97

-52,334.76

-8,494.92

-43,839.84

0.00

-16,452.66

3,160.03

-19,612.69

-5,941.14

1,808.04

-7,749.18

-3,348.89

56.55

-3,405.44

-3,716.64

450.71

-4,167.35

1,124.39

1,300.78

-176.39

-5,201.29

403.92

-5,605.20

-1,310.63

0.00

-1,310.63

-3,890.66

403.92

-4,294.58

-2,247.49

0.00

2,558.67

-35,239.95

-8,950.42

-26,289.53

0.00

-8,014.66

3,743.64

-11,758.31

-4,263.54

1,664.50

-5,928.03

-3,427.01

18.47

-3,445.48

-2,038.81

369.08

-2,407.89

1,202.28

1,276.94

-74.66

3,408.34

-32,669.34

-8,155.14

-24,514.20

0.00

-13,234.28

5,030.50

-18,264.78

-3,346.25

1,300.53

-4,646.79

-2,330.13

65.98

-2,396.11

-1,925.71

235.72

-2,161.43

909.59

998.83

Credit

Debit

Transportation(net)

Credit

Debit

Of which: Passenger

Credit

Debit

Of which: Freight

Credit

Debit

Of which: Other

Credit

Debit

-89.24

Travel

-8.81

-3,248.17

2,549.09

-5,797.26

-768.72

0.00

-768.72

-2,479.44

2,549.09

-5,028.54

-2,295.74

0.00

Credit

Debit

Business travel

Credit

Debit

Personal travel

Credit

Debit

1,070.29

-1,079.11

-306.86

0.00

-306.86

298.05

1,070.29

-772.25

-497.47

0.00

-4,656.07

-2,238.60

0.00

Education related expenditure

Credit

Debit

Health related expenditure

-2,505.88

-997.75

0.00

-997.75

-1,175.73

542.39

-1,718.12

-218.62

4.12

-2,238.60

-835.27

0.00

-835.27

-1,039.07

543.13

-1,582.20

-312.91

22.15

-2,247.49

-746.35

0.00

-746.35

-896.82

403.92

-1,300.73

-289.28

43.11

-497.47

-17.00

0.00

-17.00

812.52

1,070.29

-257.78

-614.78

79.62

-2,295.74

-783.77

0.00

-783.77

600.07

2,549.09

-1,949.02

-743.71

70.07

Credit

Debit

Other Personal Travels

Credit

Debit

Insurance services

Credit

Debit

Communication services

Credit

Debit

Construction services

Credit

-222.74

-520.39

52.08

-572.47

-87.31

0.00

-335.07

-820.19

53.64

-873.83

-70.00

0.00

-332.39

-640.35

77.18

-717.54

-51.50

0.00

-694.40

-79.63

117.65

-197.28

-0.26

0.00

-813.78

72.00

290.05

-218.04

-1.12

0.00

Debit

Financial services

-87.31

-726.17

22.19

-748.37

-315.62

0.00

-70.00

-1,227.16

14.14

-1,241.30

-698.77

0.00

-51.50

-865.53

253.56

-1,119.09

-338.41

0.00

-0.26

-120.14

248.09

-368.23

-148.72

0.00

-1.12

-247.60

290.93

-538.53

-222.28

0.00

Credit

Debit

Computer & information services

Credit

Debit

Royalties and license fees

Credit

-315.62

-260.70

0.00

-698.77

-252.84

0.00

-338.41

-252.84

0.00

-148.72

-252.84

0.00

-222.28

-252.84

0.00

Debit

Other business services

Credit

-260.70

-3,315.76

203.09

-252.84

-4,723.95

100.00

-252.84

-1,871.70

87.53

-252.84

-2,595.47

64.68

-252.84

-5,354.81

48.27

Debit

-3,518.85

-4,823.95

-1,959.23

-2,660.15

-5,403.08

100

Table 57 Cont’d

Balance of Payments

(US$’ Million)

-1,099.95

0.00

Operational leasing services

Credit

-1,123.15

0.00

-576.32

0.00

-849.31

0.00

-713.16

0.00

Debit

Misc. business, professional, and technical services

-1,099.95

-2,215.81

203.09

-2,418.90

-20.72

0.00

-1,123.15

-3,600.80

100.00

-3,700.80

-301.51

0.00

-576.32

-1,295.38

87.53

-1,382.91

-160.75

0.00

-849.31

-1,746.16

64.68

-1,810.84

-15.90

0.00

-713.16

-4,641.65

48.27

-4,689.93

-109.31

0.00

Credit

Debit

Personal, cultural & recreational services

Credit

Debit

Government Services

Credit

Debit

Income(net)

Credit

Debit

Compensation of employees

Credit

Debit

Investment income

Credit

-20.72

-1,254.65

483.66

-1,738.31

-25,729.78

888.06

-26,617.84

167.95

191.25

-23.30

-25,897.73

696.81

-26,594.54

-25,148.94

315.15

-25,464.09

-25,085.26

312.25

-25,397.51

-22,424.40

284.17

-22,708.57

-2,660.86

28.08

-301.51

-1,182.31

483.91

-1,666.22

-19,162.07

1,633.04

-20,795.11

182.90

-160.75

-839.87

486.69

-1,326.56

-12,707.75

930.77

-13,638.52

204.75

217.87

-13.12

-12,912.50

712.90

-13,625.40

-12,162.11

300.56

-12,462.68

-12,115.41

297.60

-12,413.02

-10,004.99

270.01

-10,275.00

-2,110.42

27.60

-2,138.02

-46.70

2.96

-49.66

-531.68

23.13

-554.81

-218.71

389.21

-607.92

20,168.79

22,117.34

-1,948.55

1,521.86

1,672.51

-150.65

18,646.93

20,444.82

-1,797.90

19,385.85

20,408.18

-1,022.33

-738.92

36.64

-15.90

85.44

-109.31

219.80

481.54

-261.75

-11,511.23

1,565.44

-13,076.67

228.91

498.81

-413.37

-8,616.11

1,250.74

-9,866.85

179.73

191.29

-11.56

-8,795.84

1,059.45

-9,855.29

-8,334.83

340.58

-8,675.40

-8,267.28

336.97

-8,604.25

-6,679.74

302.91

-6,982.65

-1,587.55

34.06

200.08

-17.18

235.33

-6.42

-19,344.98

1,432.96

-20,777.94

-19,351.26

316.70

-19,667.96

-19,311.79

313.74

-19,625.53

-16,680.83

285.29

-16,966.12

-2,630.96

28.45

-2,659.41

-39.47

2.96

-42.43

-513.08

24.57

-537.65

519.36

1,091.69

-572.33

21,929.02

22,800.73

-871.71

1,823.74

1,876.19

-52.45

20,105.28

20,924.54

-819.26

20,761.57

20,799.01

-37.44

-11,740.14

1,330.11

-13,070.25

-11,243.30

427.00

-11,670.30

-11,152.24

423.12

-11,575.36

-9,506.80

380.79

-9,887.59

-1,645.45

42.32

-1,687.77

-91.05

3.88

-94.94

-684.23

256.55

-940.78

187.39

Debit

Direct investment

Credit

Debit

Income on equity

Credit

Debit

Dividends and distributed branch profits

Credit

Debit

Reinvested earnings and undistributed branch profit

Credit

Debit

Income on Direct Investment Loans (interest)

-2,688.94

-63.68

2.90

-66.58

-908.82

20.76

-1,621.60

-67.54

3.61

Credit

Debit

Portfolio investment

Credit

Debit

Other investment

-71.15

-488.45

248.58

-737.03

27.43

-929.58

160.03

360.90

-200.87

21,983.24

22,711.93

-728.69

1,730.92

1,912.28

-181.36

20,252.32

20,799.65

-547.33

20,748.72

20,776.32

-27.60

-496.40

23.33

Income on debt (interest)

Credit

Debit

Current transfers(net)

27.43

470.29

-442.86

19,889.17

20,942.66

-1,053.49

1,399.34

1,406.97

-7.63

18,489.82

19,535.69

-1,045.86

18,773.44

19,506.65

-733.21

-283.61

29.04

646.56

-459.17

21,995.57

22,517.20

-521.63

679.66

Credit

Debit

General government

Credit /4

Debit

Other sectors

679.66

0.00

21,315.91

21,837.54

-521.63

21,532.76

21,801.69

-268.93

-216.85

35.85

Credit

Debit

Workers' remittances

Credit

Debit

Other Transfers

-656.28

125.54

-781.82

12,286.23

0.00

Credit

Debit

-519.73

7,748.83

0.00

-775.57

-1,027.91

0.00

-312.65

2,899.54

0.00

-252.70

-4,327.88

0.00

CAPITAL AND FINANCIAL ACCOUNT

Capital account(net)

Credit

Debit

0.00

Capital transfers

Credit

0.00

General Government

Debt Forgiveness

Other Sector

0.00

Debit

Acquisition/disposal of nonproduced, nonfin assets

0.00

Credit

Debit

101

Table 57 Cont’d

Balance of Payments

(US$’ Million)

Assets

Direct investment (Abroad)

-13,854.40

-1,237.50

-1,209.42

-6,047.04

-1,614.29

-1,585.84

-7,664.95

-1,435.20

-1,407.61

-3,260.88

-1,305.04

-1,270.98

-22,247.05

-1,286.18

-1,243.85

Equity capital

Claims on direct investment enterprises

Liabilities to direct investors

Reinvested earnings

Other capital

-28.08

0.00

-28.45

0.00

-27.60

0.00

-34.06

0.00

-42.32

0.00

Claims on direct investment enterprises

Liabilities to direct investors

Portfolio investment

Equity securities

Debt securities

-3,246.61

-2,597.29

-649.32

-3,449.14

-2,759.32

-689.83

-1,676.50

-1,341.20

-335.30

-177.42

-141.94

-35.48

-7.24

-5.79

-1.45

Long-term

Short-term

Other investment

Trade credits

Loans

-649.32

-10,358.41

-10,291.86

-302.35

-689.83

-9,436.07

-12,981.38

886.87

-335.30

-10,406.74

-6,883.16

717.85

-35.48

-2,759.23

-5,205.58

-540.87

-1.45

-8,711.46

-6,872.62

-505.58

Currency and deposits

Monetary authorities

General government

Banks

235.80

2,658.43

-4,241.43

2,987.22

-1,333.25

-170.05

-639.55

1,045.41

678.59

1,030.46

949.38

1,350.85

4,463.84

-10,056.12

99.84

1,290.32

1,597.07

-507.13

-1,836.79

1,010.67

Other sectors

Other Assets

Reserve assets

988.12

8,452.47

5,853.49

980.81

-12,242.18

Monetary Gold

SDRs

Reserve Positions in the Fund

Foreign exchange

Other Claims

988.12

8,452.47

5,853.49

980.81

-12,242.18

Liabilities

21,603.23

5,608.46

2,890.70

18,333.27

4,693.83

2,021.39

6,637.04

3,064.17

921.93

6,160.42

4,448.73

2,826.25

17,919.16

3,503.00

1,812.91

Direct Invesment in reporting economy

Equity capital

Claims on direct investors

Liabilities to direct investors

Reinvested earnings

Other capital

2,890.70

2,688.94

28.83

2,021.39

2,659.41

13.03

921.93

2,138.02

4.22

2,826.25

1,621.60

0.88

1,812.91

1,687.77

2.31

Claims on direct investors

Liabilities to direct investors

Portfolio Investment

Equity securities

Debt securities

Long-term

28.83

13,652.16

5,577.41

8,074.74

7,010.18

1,064.56

2,342.62

0.00

13.03

5,292.77

1,044.96

4,247.81

3,222.80

1,025.01

8,346.68

0.00

4.22

2,535.20

-476.62

3,011.82

2,440.21

571.61

1,037.67

0.00

0.88

1,887.69

325.13

1,562.56

984.70

577.86

-176.00

0.00

2.31

8,530.77

2,924.27

5,606.50

2,397.65

3,208.86

5,885.39

0.00

Short-term

Other investment liabilities

Trade credits

Short-term

0.00

Long-term

Loans

1,480.96

2,203.04

2,367.60

-164.56

4,738.91

1,128.32

1,261.27

-132.95

291.66

1,009.78

1,114.05

-104.27

1,743.70

3,082.11

3,227.03

-144.92

4,133.57

5,226.12

5,473.52

-247.40

General government

Long-term

Drawings

Repayments

short-term

Monetary authorities

Banks

Other sectors

646.54

-1,368.62

0.00

2,433.18

1,177.42

0.00

697.52

-1,415.64

0.00

-728.08

-610.33

0.00

602.80

-1,695.34

0.00

Long-term

Short-term

Currency & Deposits

Monetary Authority

Banks

861.65

0.00

861.65

3,607.77

0.00

3,607.77

0.00

-13,192.77

746.01

0.00

746.01

0.00

16,466.56

-1,919.70

0.00

-1,919.70

0.00

-5,621.87

1,751.81

0.00

1,751.81

0.00

-6,070.33

Other Liabilities -monetary authority SDR allocation

NET ERRORS AND OMISSIONS

0.00

-26,953.98

Memorandum Items:

2013

2014

2015

2016 /1

2017 /2

2.76

-1.15

Current Account Balance as % of GDP

Capital and Financial Account Balance as % of GDP

Overall Balance as % of GDP

3.70

1.49

-0.19

0.16

2.14

-1.47

-3.19

-0.21

-1.21

0.67

0.71

-0.24

3.25

External Reserves - Stock (US $ million)

Number of Months of Imports Equivalent

External Debt Stock (US$ million)

42,847.31

9.30

8,821.90

34,241.54

6.67

9,711.44

28,284.82

6.49

10,718.44

26,990.58

9.19

11,406.28

39,353.49

14.46

18,913.44

Debt Service Due as % of Exports of Goods and Non Factor Services

Effective Central Exchange Rate (N/$)

Average Exchange Rate (N/$)

156.03

157.31

155.98

157.27

158.55

169.68

196.49

196.50

252.69

253.19

304.50

305.29

305.79

305.50

End-Period Exchange Rate (N/$)

1/ Revised

2/ Provisional

3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from

the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS

4/ The series on transfers to Government (credit) were revised using more reliable data on Official Development

Assistance from the National Planning Commission (NPC)

Source: CBN

102

Table 58

Balance of Payments

(Naira Million)

2013

2014

2015

2016 /1

687,906.39

2017 /2

CURRENT ACCOUNT

Goods

Credit

2,996,626.99

6,634,107.62

15,262,822.03

-8,628,714.40

15,262,822.03

14,132,595.70

12,660,929.59

1,471,666.12

1,130,226.32

16,243.76

1,113,982.57

-8,628,714.40

-2,371,004.48

-6,257,709.92

0.00

142,571.44

3,302,988.65

12,989,820.33

-9,686,831.68

12,989,820.33

12,033,543.22

10,399,821.26

1,633,721.96

956,277.11

19,663.65

936,613.46

-9,686,831.68

-2,171,271.12

-7,515,560.55

0.00

-3,033,484.84

-1,266,752.48

9,016,321.14

-10,283,073.62

9,016,321.14

8,339,553.53

7,056,077.59

1,283,475.93

676,767.61

25,420.03

651,347.58

-10,283,073.62

-1,669,136.79

-8,613,936.83

0.00

3,174,430.69

4,013,948.85

13,987,446.88

-9,973,498.02

13,987,446.88

12,912,647.82

11,026,074.20

1,886,573.62

1,074,799.05

34,280.23

1,040,518.82

-9,973,498.02

-2,489,652.21

-7,483,845.81

0.00

-135,456.30

8,769,316.93

-8,904,773.23

8,769,316.93

8,093,408.37

6,912,723.44

1,180,684.93

675,908.56

29,359.80

646,548.76

-8,904,773.23

-2,261,679.35

-6,643,093.88

0.00

Debit

Exports fob

Crude oil & gas

Crude oil

Gas

Non-oil and Electricity

Electricity

Other Non-oil

Imports fob

Crude oil & gas /3

Non-oil

Trading Partner Adjustment

Services(net)

-3,052,898.88

376,944.30

-3,429,843.18

-1,166,539.93

172,927.07

-1,339,467.01

-505,084.54

12,227.17

-517,311.71

-693,030.60

86,502.70

-779,533.30

31,575.20

74,197.20

-42,621.99

-837,828.96

84,630.47

-922,459.43

-107,696.68

0.00

-3,595,574.86

313,179.16

-3,908,754.02

-1,258,876.30

121,785.91

-1,380,662.21

-514,062.55

9,776.83

-523,839.38

-732,255.60

54,431.06

-786,686.66

-12,558.15

57,578.02

-70,136.17

-828,538.01

85,417.91

-913,955.92

-181,697.64

0.00

-181,697.64

-646,840.38

85,417.91

-732,258.29

-352,063.59

0.00

-3,232,724.85

620,903.14

-3,853,627.98

-1,167,354.71

355,255.21

-1,522,609.92

-658,011.38

11,111.31

-669,122.69

-730,270.04

88,558.43

-818,828.47

220,926.71

255,585.47

-34,658.76

-1,021,982.30

79,364.04

-1,101,346.34

-257,520.16

0.00

-257,520.16

-764,462.14

79,364.04

-843,826.18

-441,601.63

0.00

-2,025,222.38

945,980.51

-2,971,202.89

-1,077,351.77

420,601.26

-1,497,953.03

-865,969.37

4,668.06

-870,637.43

-515,186.28

93,262.39

-608,448.67

303,803.88

322,670.80

-18,866.92

-2,227.41

270,452.51

-272,679.92

-77,540.63

0.00

-77,540.63

75,313.22

270,452.51

-195,139.29

-125,706.12

0.00

-4,040,243.77

1,535,741.78

-5,575,985.54

-1,021,565.43

397,034.82

-1,418,600.25

-711,357.34

20,142.34

Credit

Debit

Transportation(net)

Credit

Debit

Of which: Passenger

Credit

Debit

Of which: Freight

Credit

Debit

Of which: Other

Credit

Debit

-731,499.68

-587,893.33

71,962.37

-659,855.70

277,685.24

304,930.11

-27,244.87

-991,620.44

778,203.37

-1,769,823.81

-234,681.13

0.00

-234,681.13

-756,939.31

778,203.37

-1,535,142.69

-700,858.42

0.00

Travel

Credit

Debit

Business travel

Credit

Debit

Personal travel

Credit

Debit

-107,696.68

-730,132.28

84,630.47

-814,762.75

-390,998.66

0.00

Education related expenditure

Credit

Debit

Health related expenditure

-390,998.66

-155,681.19

0.00

-155,681.19

-183,452.42

84,630.47

-268,082.89

-34,112.54

642.35

-34,754.89

-81,197.95

8,126.17

-89,324.12

-13,622.73

0.00

-352,063.59

-131,362.97

0.00

-131,362.97

-163,413.82

85,417.91

-248,831.73

-49,211.73

3,484.15

-52,695.87

-128,991.22

8,435.95

-137,427.17

-11,008.88

0.00

-11,008.88

-192,994.86

2,224.32

-195,219.18

-109,894.90

0.00

-441,601.63

-146,648.44

0.00

-146,648.44

-176,212.08

79,364.04

-255,576.12

-56,838.67

8,470.53

-65,309.20

-125,820.52

15,165.61

-140,986.14

-10,119.05

0.00

-10,119.05

-170,065.02

49,821.06

-219,886.08

-66,493.59

0.00

-125,706.12

-4,295.11

0.00

-700,858.42

-239,274.00

0.00

-239,274.00

183,193.10

778,203.37

-595,010.28

-227,044.55

21,391.82

-248,436.37

21,981.12

88,546.86

-66,565.74

-341.31

0.00

Credit

Debit

Other Personal Travels

Credit

Debit

-4,295.11

205,314.45

270,452.51

-65,138.06

-155,349.22

20,118.27

-175,467.49

-20,122.09

29,729.49

-49,851.58

-66.76

Insurance services

Credit

Debit

Communication services

Credit

Debit

Construction services

Credit

0.00

-66.76

Debit

Financial services

-13,622.73

-113,306.46

3,462.95

-116,769.42

-49,246.98

0.00

-341.31

-75,587.81

88,818.36

-164,406.16

-67,859.67

0.00

-30,356.93

62,690.30

-93,047.23

-37,579.86

0.00

Credit

Debit

Computer & information services

Credit

Debit

Royalties and license fees

Credit

Debit

Other business services

Credit

-49,246.98

-40,677.67

0.00

-40,677.67

-517,366.52

31,688.60

-549,055.12

-171,627.67

0.00

-171,627.67

-345,738.85

31,688.60

-377,427.45

-109,894.90

-39,764.08

0.00

-39,764.08

-742,934.79

15,726.46

-758,661.26

-176,637.28

0.00

-176,637.28

-566,297.51

15,726.46

-66,493.59

-49,679.65

0.00

-49,679.65

-367,764.49

17,198.45

-384,962.94

-113,239.35

0.00

-113,239.35

-254,525.14

17,198.45

-37,579.86

-63,890.06

0.00

-63,890.06

-655,848.66

16,344.45

-672,193.11

-214,611.89

0.00

-214,611.89

-441,236.77

16,344.45

-457,581.22

-67,859.67

-77,188.56

0.00

-77,188.56

-1,634,748.75

14,737.59

-1,649,486.35

-217,716.90

0.00

-217,716.90

-1,417,031.85

14,737.59

Debit

Operational leasing services

Credit

Debit

Misc. business, professional, and technical services

Credit

Debit

-582,023.97

-271,723.59

-1,431,769.44

103

Table 58 Cont’d

Balance of Payments

(Naira Million)

104

Personal, cultural & recreational services

Credit

-3,233.15

0.00

-47,418.56

0.00

-31,584.42

0.00

-4,018.52

0.00

-33,369.61

0.00

Debit

Government Services

Credit

Debit

Income(net)

Credit

-3,233.15

-195,765.98

75,466.68

-271,232.66

-4,014,681.40

138,566.78

-4,153,248.19

26,206.20

29,841.22

-3,635.01

-4,040,887.61

108,725.57

-4,149,613.17

-3,924,052.11

49,173.64

-3,973,225.75

-3,914,115.74

48,721.15

-3,962,836.89

-3,498,935.26

44,339.76

-3,543,275.02

-415,180.48

4,381.39

-47,418.56

-185,941.53

76,104.46

-262,045.99

-3,013,614.16

256,827.45

-3,270,441.61

28,765.25

31,466.47

-2,701.22

-3,042,379.40

225,360.99

-3,267,740.39

-3,043,367.41

49,807.15

-3,093,174.56

-3,037,159.40

49,342.20

-3,086,501.60

-2,623,389.56

44,867.33

-2,668,256.89

-413,769.83

4,474.87

-31,584.42

-165,022.43

95,628.23

-260,650.66

-2,496,901.60

182,883.90

-2,679,785.50

40,229.78

42,807.91

-2,578.13

-2,537,131.38

140,075.99

-2,677,207.37

-2,389,691.17

59,056.74

-2,448,747.92

-2,380,515.49

58,475.14

-2,438,990.63

-1,965,845.87

53,052.89

-2,018,898.76

-414,669.62

5,422.25

-4,018.52

21,588.91

126,044.23

-104,455.32

-2,177,202.90

316,049.55

-2,493,252.44

45,415.43

48,336.72

-2,921.28

-2,222,618.33

267,712.83

-2,490,331.16

-2,106,124.57

86,059.84

-2,192,184.41

-2,089,057.57

85,148.88

-2,174,206.44

-1,687,900.95

76,543.25

-1,764,444.19

-401,156.62

8,605.63

-33,369.61

67,101.25

147,008.94

-79,907.70

-3,514,219.01

477,906.56

-3,992,125.57

69,883.32

71,842.76

-1,959.44

-3,584,102.33

406,063.80

-3,990,166.13

-3,432,423.59

130,358.44

-3,562,782.03

-3,404,626.04

129,172.42

-3,533,798.46

-2,902,293.74

116,251.42

-3,018,545.16

-502,332.30

12,921.00

-515,253.30

-27,797.55

1,186.02

-28,983.57

-208,885.79

78,319.95

-287,205.74

57,207.05

197,385.41

-140,178.36

6,714,944.61

6,874,190.34

-159,245.72

207,490.80

0.00

Debit

Compensation of employees

Credit

Debit

Investment income

Credit

Debit

Direct investment

Credit

Debit

Income on equity

Credit

Debit

Dividends and distributed branch profits

Credit

Debit

Reinvested earnings and undistributed branch profit

Credit

Debit

Income on Direct Investment Loans (interest)

-419,561.87

-9,936.37

452.49

-10,388.86

-141,805.94

3,239.23

-418,244.71

-6,208.01

464.95

-6,672.97

-80,691.49

3,864.16

-420,091.87

-9,175.69

581.60

-9,757.29

-104,467.08

4,545.04

-409,762.25

-17,067.00

910.96

-17,977.96

-123,425.94

62,814.80

-186,240.73

6,932.18

Credit

Debit

Portfolio investment

Credit

Debit

Other investment

-145,045.17

24,970.44

56,312.69

-31,342.25

3,430,099.65

3,543,798.94

-113,699.30

270,079.77

298,377.83

-28,298.05

3,160,019.87

3,245,421.12

-85,401.24

3,237,474.65

3,241,781.15

-4,306.50

-77,454.78

3,639.97

-84,555.64

81,679.49

171,689.68

-90,010.19

3,448,771.81

3,585,865.04

-137,093.23

286,819.50

295,067.51

-8,248.01

3,161,952.31

3,290,797.53

-128,845.22

3,265,165.86

3,271,054.04

-5,888.18

-103,213.55

19,743.49

-122,957.04

1,932,252.67

0.00

-109,012.12

-42,973.12

76,474.21

-119,447.33

3,962,894.09

4,345,757.74

-382,863.65

299,024.45

328,625.93

-29,601.48

3,663,869.64

4,017,131.81

-353,262.18

3,809,057.82

4,009,931.86

-200,874.04

-145,188.18

7,199.95

Income on debt (interest)

Credit

Debit

Current transfers(net)

6,932.18

118,838.20

-111,906.02

5,025,787.98

5,291,994.02

-266,206.04

353,599.65

355,526.67

-1,927.01

4,672,188.32

4,936,467.35

-264,279.03

4,743,854.62

4,929,129.33

-185,274.71

-71,666.30

7,338.02

Credit

Debit

General government

Credit /4

Debit

Other sectors

6,507,453.81

6,666,699.54

-159,245.72

6,573,654.52

6,655,754.37

-82,099.85

-66,200.71

10,945.17

-77,145.88

-1,321,243.18

0.00

Credit

Debit

Workers' remittances

Credit

Debit

Other Transfers

Credit

Debit

-81,094.75

1,209,069.77

0.00

-152,388.13

-201,971.06

0.00

-79,004.32

732,682.85

0.00

CAPITAL AND FINANCIAL ACCOUNT

Capital account(net)

Credit

Debit

0.00

Capital transfers

Credit

0.00

General Government

Debt Forgiveness

Other Sector

0.00

Debit

Acquisition/disposal of nonproduced, nonfin assets

Credit

Debit

105

Table 58 Cont’d

Balance of Payments

(Naira Million)

Assets

Direct investment (Abroad)

-2,161,736.94

-193,089.72

-188,708.33

0.00

-951,016.52

-253,879.67

-249,404.79

0.00

-4,474.87

0.00

-1,506,058.96

-281,998.14

-276,575.89

0.00

-823,990.80

-329,769.60

-321,163.98

0.00

-8,605.63

0.00

-6,791,716.24

-392,652.05

-379,731.05

0.00

-12,921.00

0.00

Equity capital

Claims on direct investment enterprises

Liabilities to direct investors

Reinvested earnings

Other capital

Claims on direct investment enterprises

Liabilities to direct investors

Portfolio investment

Equity securities

Debt securities

Long-term

Short-term

Other investment

Trade credits

Loans

Currency and deposits

Monetary authorities

General government

Banks

Other sectors

Other Assets

Reserve assets

-4,381.39

0.00

-5,422.25

0.00

-506,577.06

-405,261.65

-101,315.41

0.00

-101,315.41

-1,616,248.99

-1,605,864.65

-47,177.08

36,792.74

0.00

-26,534.01

-99,791.19

163,117.94

0.00

154,178.83

0.00

-542,445.97

-433,956.78

-108,489.19

0.00

-108,489.19

-1,484,008.60

-2,041,577.47

139,478.23

418,090.65

0.00

106,721.88

162,060.03

149,308.74

0.00

1,329,317.72

0.00

-329,409.13

-263,527.30

-65,881.83

0.00

-65,881.83

-2,044,784.22

-1,352,448.17

141,047.26

-833,383.31

0.00

265,424.13

877,085.27

-1,975,892.71

0.00

1,150,132.53

0.00

-44,832.21

-35,865.77

-8,966.44

0.00

-8,966.44

-697,229.87

-1,315,397.54

-136,673.02

754,840.69

0.00

25,228.40

326,050.07

403,562.22

0.00

247,840.88

0.00

-2,209.59

-1,767.67

-441.92

0.00

-441.92

-2,659,487.30

-2,098,117.03

-154,346.99

-407,023.28

0.00

-154,819.86

-560,745.65

308,542.22

0.00

-3,737,367.30

0.00

Monetary Gold

SDRs

Reserve Positions in the Fund

Foreign exchange

Other Claims

0.00

154,178.83

0.00

1,329,317.72

0.00

1,150,132.53

0.00

247,840.88

0.00

-3,737,367.30

0.00

Liabilities

3,370,806.71

875,102.46

451,042.79

0.00

451,042.79

419,561.87

4,497.79

0.00

4,497.79

2,130,179.91

870,257.55

1,259,922.35

1,093,816.08

166,106.27

365,524.34

0.00

2,883,269.19

738,197.19

317,903.93

0.00

317,903.93

418,244.71

2,048.55

0.00

2,048.55

832,392.02

164,339.89

668,052.12

506,848.66

161,203.47

1,312,679.99

0.00

1,304,087.90

602,067.82

181,146.78

0.00

181,146.78

420,091.87

829.17

1,556,673.64

1,124,148.99

714,164.37

0.00

714,164.37

409,762.25

222.37

5,470,473.06

1,069,417.29

553,457.27

0.00

553,457.27

515,253.30

706.73

Direct Invesment in reporting economy

Equity capital

Claims on direct investors

Liabilities to direct investors

Reinvested earnings

Other capital

Claims on direct investors

Liabilities to direct investors

Portfolio Investment

Equity securities

Debt securities

0.00

829.17

0.00

222.37

0.00

706.73

498,132.22

-93,649.30

591,781.51

479,467.87

112,313.65

203,887.86

0.00

476,998.74

82,155.74

394,843.00

248,824.74

146,018.26

-44,474.08

0.00

2,604,327.74

892,739.14

1,711,588.60

731,968.51

979,620.10

1,796,728.03

0.00

Long-term

Short-term

Other investment liabilities

Trade credits

Short-term

0.00

Long-term

Loans

231,078.65

343,745.84

369,422.55

-25,676.71

0.00

745,287.51

177,450.59

198,359.60

-20,909.01

0.00

57,307.61

198,408.14

218,895.79

-20,487.65

0.00

440,615.22

778,816.61

815,436.40

-36,619.79

0.00

1,261,923.17

1,595,461.30

1,670,989.10

-75,527.81

0.00

General government

Long-term

Drawings

Repayments

short-term

Monetary authorities

Banks

Other sectors

0.00

100,881.38

-213,548.58

0.00

382,665.17

185,171.75

0.00

137,053.03

-278,153.56

0.00

-183,977.67

-154,223.73

0.00

184,026.39

-517,564.52

0.00

Long-term

Short-term

Currency & Deposits

Monetary Authority

Banks

134,445.69

0.00

134,445.69

0.00

-4,205,696.75

567,392.48

0.00

567,392.48

0.00

-2,074,824.11

146,580.25

0.00

146,580.25

0.00

3,235,455.89

-485,089.30

0.00

-485,089.30

0.00

-1,420,589.24

534,804.86

0.00

534,804.86

0.00

-1,853,187.50

Other Liabilities -monetary authority SDR allocation

NET ERRORS AND OMISSIONS

Memorandum Items:

2013

2014

2015

2016 /1

0.67

0.71

2017 /2

2.76

-1.15

Current Account Balance as % of GDP

Capital and Financial Account Balance as % of GDP

Overall Balance as % of GDP

3.70

1.49

-0.19

0.16

2.14

-1.47

-3.19

-0.21

-1.21

-0.24

3.25

External Reserves - Stock (US $ million)

Number of Months of Imports Equivalent

External Debt Stock (US$ million)

42,847.31

9.30

8,821.90

34,241.54

6.67

9,711.44

28,284.82

6.49

10,718.44

26,990.58

9.19

11,406.28

39,353.49

14.46

18,913.44

Debt Service Due as % of Exports of Goods and Non Factor Services

Effective Central Exchange Rate (N/$)

Average Exchange Rate (N/$)

156.03

157.31

155.98

157.27

158.55

169.68

196.49

196.50

252.69

253.19

304.50

305.29

305.79

305.50

End-Period Exchange Rate (N/$)

1/ Revised

2/ Provisional

3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from

the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS

Source: CBN

106

Table 59

Balance of Payments Analytic Presentation

(US$’ Million)

107

2013

2014

906.54

2015

2016 /1

2,722.34

2017 /2

10,398.21

CURRENT ACCOUNT

Goods

19,205.15

42,517.47

97,818.22

90,574.69

7,243.53

-55,300.75

-15,195.58

-40,105.17

0.00

-15,438.64

-6,447.02

45,887.74

42,443.39

3,444.35

-52,334.76

-8,494.92

-43,839.84

0.00

21,002.06

82,595.80

76,515.31

6,080.49

-61,593.74

-13,806.03

-47,787.71

0.00

-536.06

34,703.90

32,029.04

2,674.86

-35,239.95

-8,950.42

-26,289.53

0.00

13,148.15

45,817.49

42,296.86

3,520.63

-32,669.34

-8,155.14

-24,514.20

0.00

Exports (fob)

Oil and Gas

Non-oil and Electricity

Imports (fob)

Oil and Gas /3

Non-oil

Unrecorded(TPAdj)

Services(net)

Credit

Transportation

-19,565.79

2,415.81

1,108.28

542.39

-22,862.47

1,991.35

774.38

-16,452.66

3,160.03

1,808.04

403.92

-8,014.66

3,743.64

1,664.50

1,070.29

79.62

-13,234.28

5,030.50

1,300.53

2,549.09

70.07

Travel

Insurance Services

543.13

22.15

4.12

43.11

Communication Services

Construction Services

Financial Services

52.08

0.00

22.19

53.64

0.00

14.14

77.18

0.00

253.56

117.65

0.00

248.09

290.05

0.00

290.93

Computer & information Services

Royalties and License Fees

Government Services

0.00

483.66

0.00

483.91

0.00

486.69

0.00

498.81

0.00

481.54

Personal, cultural & recreational services

Other Bussiness Services

0.00

203.09

0.00

100.00

0.00

87.53

0.00

64.68

0.00

48.27

Debit

Transportation

Travel

Insurance Services

Communication Services

Construction Services

Financial Services

Computer & information Services

Royalties and License Fees

Government Services

Personal, cultural & recreational services

Other Bussiness Services

-21,981.59

-8,584.54

-5,911.97

-222.74

-572.47

-87.31

-748.37

-315.62

-260.70

-1,738.31

-20.72

-24,853.82

-8,778.94

-5,811.39

-335.07

-873.83

-70.00

-1,241.30

-698.77

-252.84

-1,666.22

-301.51

-4,823.95

-19,162.07

1,633.04

1,432.96

200.08

-19,612.69

-7,749.18

-5,605.20

-332.39

-717.54

-51.50

-1,119.09

-338.41

-252.84

-1,326.56

-160.75

-1,959.23

-12,707.75

930.77

-11,758.31

-5,928.03

-1,079.11

-694.40

-197.28

-0.26

-368.23

-148.72

-252.84

-413.37

-15.90

-2,660.15

-8,616.11

1,250.74

1,059.45

191.29

-18,264.78

-4,646.79

-5,797.26

-813.78

-218.04

-1.12

-538.53

-222.28

-252.84

-261.75

-109.31

-5,403.08

-11,511.23

1,565.44

1,330.11

235.33

-3,518.85

-25,729.78

888.06

Income(net)

Credit

Investment Income

Compensation of employees

696.81

191.25

712.90

217.87

108

Table 59 Cont’d

Balance of Payments Analytic Presentation

(US$’ Million)

Debit

Investment Income

Compensation of employees

Current transfers(net)

Credit

General Government

Other Sectors

Workers Remittance

-26,617.84

-26,594.54

-23.30

-20,795.11

-20,777.94

-17.18

-13,638.52

-13,625.40

-13.12

-9,866.85

-9,855.29

-11.56

19,889.17

20,942.66

1,406.97

19,535.69

19,506.65

-1,053.49

-7.63

-13,076.67

-13,070.25

-6.42

21,995.57

22,517.20

679.66

21,837.54

21,801.69

-521.63

0.00

-521.63

-268.93

-4,327.88

0.00

21,983.24

22,711.93

1,912.28

20,799.65

20,776.32

-728.69

-181.36

-547.33

-27.60

21,929.02

22,800.73

1,876.19

20,924.54

20,799.01

-871.71

-52.45

20,168.79

22,117.34

1,672.51

20,444.82

20,408.18

-1,948.55

-150.65

-1,797.90

-1,022.33

-1,027.91

0.00

Debit

General Government

Other Sectors

-819.26

-37.44

-1,045.86

-733.21

2,899.54

0.00

Workers Remittance

CAPITAL AND FINANCIAL ACCOUNT

Capital account(net)

Credit

7,748.83

0.00

12,286.23

0.00

Capital Transfers(Debt Forgiveness)

Debit

0.00

Capital Transfers

0.00

Financial account(net)

Assets

Direct investment (Abroad)

Portfolio investment

Other investment

Change in Reserve

Liabilities

Direct Invesment in reporting economy

Portfolio Investment

Other investment liabilities

NET ERRORS AND OMISSIONS

7,748.83

-13,854.40

-1,237.50

-3,246.61

-10,358.41

988.12

21,603.23

5,608.46

13,652.16

2,342.62

-26,953.98

12,286.23

-6,047.04

-1,614.29

-3,449.14

-9,436.07

8,452.47

18,333.27

4,693.83

5,292.77

8,346.68

-13,192.77

-1,027.91

-7,664.95

-1,435.20

-1,676.50

-10,406.74

5,853.49

6,637.04

3,064.17

2,535.20

1,037.67

16,466.56

2,899.54

-3,260.88

-1,305.04

-177.42

-2,759.23

980.81

6,160.42

4,448.73

1,887.69

-176.00

-5,621.87

-4,327.88

-22,247.05

-1,286.18

-7.24

-8,711.46

-12,242.18

17,919.16

3,503.00

8,530.77

5,885.39

-6,070.33

Memorandum Items:

2013

2014

2015

2016 /1

2017 /2

2.76

Current Account Balance as % of GDP

Capital and Financial Account Balance as % of GDP

Overall Balance as % of GDP

3.70

1.49

-0.19

0.16

2.14

-1.47

-3.19

-0.21

-1.21

0.67

0.71

-1.15

3.25

-0.24

External Reserves - Stock (US $ million)

Number of Months of Imports Equivalent

External Debt Stock (US$ million)

42,847.31

9.30

8,821.90

34,241.54

6.67

9,711.44

28,284.82

6.49

10,718.44

26,990.58

9.19

11,406.28

39,353.49

14.46

18,913.44

Debt Service Due as % of Exports of Goods Non Factor Services

Effective Central Exchange Rate (N/$)

Average Exchange Rate (N/$)

156.03

157.31

155.98

157.27

158.55

169.68

196.49

196.50

252.69

253.19

304.50

305.29

305.79

305.50

End-Period Exchange Rate (N/$)

1/ Revised

2/ Provisional

3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from

the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS

Source: CBN

109

Table 60

Balance of Payments Analytic Presentation

(N Million)

2013

2014

2015

2016 /1

687,906.39

2017 /2

CURRENT ACCOUNT

Goods

2,996,626.99

6,634,107.62

15,262,822.03

14,132,595.70

1,130,226.32

-8,628,714.40

-2,371,004.48

-6,257,709.92

0.00

142,571.44

3,302,988.65

12,989,820.33

12,033,543.22

956,277.11

-3,033,484.84

-1,266,752.48

9,016,321.14

8,339,553.53

676,767.61

3,174,430.69

4,013,948.85

13,987,446.88

12,912,647.82

1,074,799.05

-9,973,498.02

-2,489,652.21

-7,483,845.81

0.00

-135,456.30

8,769,316.93

8,093,408.37

675,908.56

-8,904,773.23

-2,261,679.35

-6,643,093.88

0.00

Exports (fob)

Oil and Gas

Non-oil and Electricity

Imports (fob)

Oil and Gas /3

Non-oil

-9,686,831.68 -10,283,073.62

-2,171,271.12

-7,515,560.55

0.00

-1,669,136.79

-8,613,936.83

0.00

Unrecorded(TPAdj)

Services(net)

Credit

Transportation

-3,052,898.88

376,944.30

172,927.07

84,630.47

642.35

-3,595,574.86

313,179.16

121,785.91

85,417.91

3,484.15

-3,232,724.85

620,903.14

355,255.21

79,364.04

8,470.53

-2,025,222.38

945,980.51

420,601.26

270,452.51

20,118.27

29,729.49

0.00

62,690.30

0.00

126,044.23

0.00

16,344.45

-2,971,202.89

-1,497,953.03

-272,679.92

-175,467.49

-49,851.58

-66.76

-93,047.23

-37,579.86

-63,890.06

-104,455.32

-4,018.52

-672,193.11

-2,177,202.90

316,049.55

267,712.83

48,336.72

-4,040,243.77

1,535,741.78

397,034.82

778,203.37

21,391.82

88,546.86

0.00

88,818.36

0.00

147,008.94

0.00

14,737.59

-5,575,985.54

-1,418,600.25

-1,769,823.81

-248,436.37

-66,565.74

-341.31

-164,406.16

-67,859.67

-77,188.56

-79,907.70

-33,369.61

-1,649,486.35

-3,514,219.01

477,906.56

406,063.80

71,842.76

Travel

Insurance Services

Communication Services

Construction Services

Financial Services

Computer & information Services

Royalties and License Fees

Government Services

Personal, cultural & recreational services

Other Bussiness Services

Debit

8,126.17

0.00

3,462.95

0.00

75,466.68

0.00

8,435.95

0.00

2,224.32

0.00

76,104.46

0.00

15,165.61

0.00

49,821.06

0.00

95,628.23

0.00

31,688.60

-3,429,843.18

-1,339,467.01

-922,459.43

-34,754.89

-89,324.12

-13,622.73

-116,769.42

-49,246.98

-40,677.67

-271,232.66

-3,233.15

-549,055.12

-4,014,681.40

138,566.78

108,725.57

29,841.22

15,726.46

-3,908,754.02

-1,380,662.21

-913,955.92

-52,695.87

-137,427.17

-11,008.88

-195,219.18

-109,894.90

-39,764.08

-262,045.99

-47,418.56

-758,661.26

-3,013,614.16

256,827.45

225,360.99

31,466.47

17,198.45

-3,853,627.98

-1,522,609.92

-1,101,346.34

-65,309.20

-140,986.14

-10,119.05

-219,886.08

-66,493.59

-49,679.65

-260,650.66

-31,584.42

-384,962.94

-2,496,901.60

182,883.90

140,075.99

42,807.91

Transportation

Travel

Insurance Services

Communication Services

Construction Services

Financial Services

Computer & information Services

Royalties and License Fees

Government Services

Personal, cultural & recreational services

Other Bussiness Services

Income(net)

Credit

Investment Income

Compensation of employees

110

Table 60 Cont’d

Balance of Payments Analytic Presentation

(Naira Million)

Debit

Investment Income

Compensation of employees

Current transfers(net)

Credit

General Government

Other Sectors

Workers Remittance

-4,153,248.19

-4,149,613.17

-3,635.01

-3,270,441.61

-3,267,740.39

-2,701.22

-2,679,785.50

-2,677,207.37

-2,578.13

-2,493,252.44

-2,490,331.16

-2,921.28

5,025,787.98

5,291,994.02

355,526.67

4,936,467.35

4,929,129.33

-266,206.04

-1,927.01

-3,992,125.57

-3,990,166.13

-1,959.44

6,714,944.61

6,874,190.34

207,490.80

6,666,699.54

6,655,754.37

-159,245.72

0.00

3,430,099.65

3,543,798.94

298,377.83

3,245,421.12

3,241,781.15

-113,699.30

-28,298.05

-85,401.24

-4,306.50

3,448,771.81

3,585,865.04

295,067.51

3,290,797.53

3,271,054.04

-137,093.23

-8,248.01

-128,845.22

-5,888.18

1,932,252.67

0.00

3,962,894.09

4,345,757.74

328,625.93

4,017,131.81

4,009,931.86

-382,863.65

-29,601.48

-353,262.18

-200,874.04

-201,971.06

0.00

Debit

General Government

Other Sectors

-264,279.03

-185,274.71

732,682.85

0.00

-159,245.72

-82,099.85

-1,321,243.18

0.00

Workers Remittance

CAPITAL AND FINANCIAL ACCOUNT

Capital account(net)

Credit

1,209,069.77

0.00

Capital Transfers(Debt Forgiveness)

Debit

0.00

Capital Transfers

0.00

Financial account(net)

Assets

Direct investment (Abroad)

Portfolio investment

Other investment

Change in Reserve

Liabilities

Direct Invesment in reporting economy

Portfolio Investment

Other investment liabilities

NET ERRORS AND OMISSIONS

1,209,069.77

-2,161,736.94

-193,089.72

-506,577.06

-1,616,248.99

154,178.83

3,370,806.71

875,102.46

2,130,179.91

365,524.34

-4,205,696.75

1,932,252.67

-951,016.52

-253,879.67

-542,445.97

-1,484,008.60

1,329,317.72

2,883,269.19

738,197.19

832,392.02

1,312,679.99

-2,074,824.11

-201,971.06

-1,506,058.96

-281,998.14

-329,409.13

-2,044,784.22

1,150,132.53

1,304,087.90

602,067.82

498,132.22

203,887.86

3,235,455.89

732,682.85

-823,990.80

-329,769.60

-44,832.21

-697,229.87

247,840.88

1,556,673.64

1,124,148.99

476,998.74

-44,474.08

-1,420,589.24

-1,321,243.18

-6,791,716.24

-392,652.05

-2,209.59

-2,659,487.30

-3,737,367.30

5,470,473.06

1,069,417.29

2,604,327.74

1,796,728.03

-1,853,187.50

Memorandum Items:

2013

2014

2015

2016 /1

0.67

2017 /2

2.76

Current Account Balance as % of GDP

Capital and Financial Account Balance as % of GDP

Overall Balance as % of GDP

3.70

1.49

-0.19

0.16

2.14

-1.47

-3.19

-0.21

-1.21

0.71

-0.24

-1.15

3.25

External Reserves - Stock (US $ million)

Number of Months of Imports Equivalent

External Debt Stock (US$ million)

42,847.31

9.30

8,821.90

34,241.54

6.67

9,711.44

28,284.82

6.49

10,718.44

26,990.58

9.19

11,406.28

39,353.49

14.46

18,913.44

Debt Service Due as % of Exports of Goods Non Factor Services

Effective Central Exchange Rate (N/$)

Average Exchange Rate (N/$)

156.03

157.31

155.98

157.27

158.55

169.68

196.49

196.50

252.69

253.19

304.50

305.29

305.79

305.50

End-Period Exchange Rate (N/$)

1/ Provisional

2/ Revised

3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from

the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS

Source: CBN

111

Table 61

Visible Trade 1/

(Naira Million)

Items

2013

2014

2015

2016

2017 2/

Imports (cif)

Crude Oil and Gas

Non-Oil

9,439,424.71

2,429,376.10

7,010,048.60

10,538,914.51

2,215,166.03

8,323,748.48

11,076,068.34

1,725,224.92

9,350,843.42

9,480,366.87

2,384,412.46

7,095,954.40

10,804,845.85

2,615,454.32

8,189,391.53

Exports (fob)

15,262,822.03

14,132,595.70

1,130,226.32

12,989,820.33

12,033,543.22

956,277.11

9,016,321.14

8,339,553.53

676,767.61

8,769,316.93

8,093,408.37

675,908.56

13,987,446.88

12,912,647.82

1,074,799.05

Crude oil and Gas

Non-Oil sector

Total Trade

Crude oil and Gas

Non-Oil

24,702,246.73

16,561,971.81

8,140,274.93

23,528,734.84

14,248,709.25

9,280,025.59

20,092,389.48

10,064,778.45

10,027,611.03

18,249,683.79

10,477,820.83

7,771,862.96

24,792,292.72

15,528,102.15

9,264,190.58

Balance of Trade

Crude oil and Gas

Non-Oil

5,823,397.32

11,703,219.60

(5,879,822.28)

2,450,905.82

9,818,377.19

(7,367,471.37)

(2,059,747.21)

6,614,328.60

(8,674,075.81)

(711,049.94)

5,708,995.91

(6,420,045.85)

3,182,601.03

10,297,193.50

(7,114,592.47)

Effective Central Exchange Rate (N/$)

1/ Revised

156.03

157.27

196.49

252.69

305.29

2/ Provisional

Source: NBS

112

Table 62

Imports by Major Groups

(Naira Million)

IMPORT GROUP

Consumer Goods

2013

2014

2015

2016

2017 /2

5,496,766.33

5,439,043.16

5,984,520.72

4,682,155.75

5,575,485.62

Durable

Non Durable

3,784,717.69

1,712,048.64

3,597,335.63

1,841,707.53

4,057,155.64

1,927,365.08

2,708,907.12

1,973,248.63

3,069,137.71

2,506,347.91

Capital Goods And Raw Materials

3,865,537.02

5,021,769.78

5,007,432.37

4,693,445.00

5,160,668.04

Capital Goods

Raw Materials

2,898,603.93

966,933.09

3,792,593.33

1,229,176.45

3,768,611.07

1,238,821.29

3,634,821.17

1,058,623.83

4,018,184.46

1,142,483.58

Miscellaneous

77,121.36

78,101.57

84,115.26

104,766.11

68,692.19

Total

1/ Revised

9,439,424.71 10,538,914.51 11,076,068.34

9,480,366.87 10,804,845.85

2/ Provisional

Source: NBS

113

Table 63

Non-Oil Import by Country of Origin (cif) 1/

Value (Naira Million)

2015

Percentage Share of Total (%)

2013

2,440,290.13 2,723,204.06 2,971,081.38 2,201,773.11 2,614,238.01

2014

2016

2017 /2

2014

34.81

12.23

2.06

2.66

-

2015

32.72

11.22

2.04

-

0.67

2.58

2016

31.77

10.24

1.60

1.86

-

2.66

2017 /2

31.03

Industrial Countries

United States of America

Japan

857,444.06

144,235.99

186,212.10

-

239,530.36

933,618.54

170,035.29

169,413.23

-

55,988.85

214,959.37

957,319.65

149,721.60

174,044.49

-

248,903.73

697,744.63

121,755.16

140,510.82

299,941.47

-

180,650.75

839,055.61

112,254.01

176,225.95

408,257.19

-

221,057.92

9.83

1.72

1.98

4.23

-

2.55

0.97

2.19

France

Germany

Switzerland

Belgium

Norway

Italy

-

3.42

-

144,666.46

213,252.79

344,702.66

272,026.14

-

198,824.83

257,332.82

346,804.92

194,300.13

-

92,978.46

251,616.12

298,005.00

443,536.78

194,658.55

-

69,098.29

155,186.31

239,457.02

297,428.66

158,591.04

-

186,983.16

281,442.00

388,962.18

198,082.75

-

2.39

0.99

2.69

2.06

3.04

4.92

3.88

-

Netherlands

United Kingdom

African

3.09

4.17

3.19

4.74

3.37

4.19

2.33

-

2.08

-

2.23

-

Cote d'Ivoire

Ghana

Niger

South Africa

Egypt

56,836.79

62,056.29

153,133.06

-

0.81

0.89

2.18

-

37.05

24.46

-

6.29

1.21

2.61

0.69

0.84

0.96

-

194,300.13

-

194,658.55

-

158,591.04

-

141,359.21

-

2.33

-

2.08

-

2.23

-

Swaziland

Others

-

56,723.54

-

40.66

25.69

-

6.87

1.62

4.51

-

1.98

-

24.29

1.00

1.18

-

0.87

-

1.81

0.68

1.17

1.26

-

43.33

29.45

-

7.12

1.58

2.02

-

0.89

2.27

-

22.82

0.99

0.97

-

0.66

1.73

0.88

1.11

1.12

-

39.63

26.70

-

7.13

1.62

1.69

-

1.34

1.14

-

27.11

1.98

1.03

-

Asia (excluding Japan)

China, P.R

Hong Kong

India

2,597,435.97 3,384,777.41 4,051,677.99 2,811,933.23 3,225,503.33

1,714,876.31 2,138,195.90 2,753,893.64 1,894,951.49 2,170,853.59

-

440,765.88

84,769.00

183,016.52

48,265.68

58,582.40

67,160.18

-

572,065.72

134,512.16

375,541.23

-

665,501.56

147,769.36

188,908.50

-

83,527.72

212,077.21

-

506,217.69

114,985.26

120,140.58

-

95,028.16

80,610.04

-

560,787.84

141,200.73

148,504.63

58,922.03

94,055.39

51,179.11

-

Indonesia

Korea, Republic of

Singapore

Malaysia

Thailand

-

164,462.41

Taiwan, Province of China

Others

-

Others

1,700,296.37 2,021,466.87 2,133,425.49 1,923,657.02 2,151,567.44

58,047.24

68,857.11

-

84,642.28

-

104,188.13

53,043.98

86,490.79

24.26

0.83

0.98

-

1.21

-

1.49

0.76

1.23

1.30

-

Russia

Turkey

Israel

Ukraine

Lebanon

United Arab Emirates

Sweden

Ireland

Spain

Greece

83,551.09

98,228.64

-

72,448.62

-

150,896.41

56,549.62

97,488.81

92,961.01

90,713.26

140,795.15

72,935.75

163,798.88

92,504.45

-

45,493.79

-

122,784.66

-

131,772.91

-

61,255.83

161,560.53

81,858.00

104,162.32

104,791.83

-

113,770.01

65,492.15

114,492.49

93,840.31

-

1.60

0.92

1.61

1.32

-

91,364.66

-

104,726.21

-

116,260.53

-

Portugal

Argentina

Others

Saudi Arabia

Iceland

New Zealand

Mauritania

Finland

Canada

Poland

-

742,334.66

49,681.00

-

49,486.86

-

874,586.39

75,290.15

-

63,899.29

-

987,449.07

59,426.40

-

65,343.57

-

740,694.55

81,588.58

-

48,566.58

-

830,463.30

99,156.45

-

63,598.12

-

10.51

0.90

-

0.77

-

10.56

0.64

-

0.70

-

10.44

1.15

-

0.68

10.59

0.71

-

0.71

-

70,140.88

-

75,464.22

-

82,408.23

-

88,138.14

-

121,080.34

-

0.91

-

0.88

-

1.24

-

1.00

-

Denmark

Cyprus

Chile

Latvia

Australia

Brazil

-

53,589.22

214,748.20

56,818.18

306,525.15

74,015.66

290,638.34

-

3.45

0.64

2.58

-

2.58

0.80

4.32

242,018.77

241,495.45

TOTAL

7,010,048.60 8,323,748.48 9,350,843.42 7,095,954.40 8,189,391.53 100.00 100.00 100.00 100.00

1/ Revised

2/ Provisional

The figures include BOP coverage adjustment estimates for informal/unrecorded Imports and

shuttle trade

114

Source: CBN

115

Table 64

Non-Oil Import by H. S. Section 1/

(Naira Million)

Section

2013

2014

2015

2016

2017 /2

01 - Live animals; animal products

02 - Vegetable products

350,237.33

483,516.69

650,500.89

129,041.51

578,648.45

1,777,231.08

833,945.84

635,723.17

8,213.81

539,940.55

432,709.83

607,885.04

414,900.44

55,974.97

890,935.90

1,949,912.16

675,427.73

849,165.99

13,317.88

30,555.35

176,758.68

129,612.11

35,521.14

142,743.35

1,650.64

691,069.90

122,653.90

573,700.73

2,105,826.62

957,373.51

626,314.32

12,494.87

26,276.73

250,671.30

152,418.00

51,003.36

162,590.31

1,470.24

670,723.51

110,608.05

759,207.24

303,846.78

1,227,318.09

783,809.77

13,276.62

23,130.03

276,222.23

186,316.21

74,283.01

131,612.76

1,538.92

923,114.17

143,955.47

831,393.24

342,414.97

1,465,459.76

874,439.58

16,288.33

29,890.96

324,697.80

217,200.43

64,939.73

102,651.30

1,912.14

03 - Animal or vegetable fats and oils and their cleavage products; prepared edible

04 - Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured

05 - Mineral products

06 - Products of the chemical or allied

07 - Plastics and articles thereof; rubber and articles thereof

08 - Raws hides and skins, leather, furskins and articles thereof; saddlery and

09 - Wood and articles of wood; wood charcoal; cork and articles of cork;

10 - Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or

11 - Textiles and textiles articles

21,354.24

231,331.68

151,642.98

37,212.57

160,101.80

1,380.94

12 - Footwear, headgear, umbrellas, sun umbrellas, walking sticks, seat sticks, whips

13 - Articles of stone, plaster,cement,asbestos, mica or similar materials; ceramic

14 - Natural or cultured pearls, precious or semi-precious stones, precious metals,

15 - Base metals and articles of base metal

746,301.19

1,788,490.01

1,030,031.41

80,082.51

236.85

968,276.72

2,441,627.30

1,252,653.50

98,312.54

82.90

949,378.39

2,612,741.97

1,006,224.38

149,644.73

1,299.84

745,994.96

2,637,131.11

807,115.02

190,575.03

123.50

771,606.49

2,924,244.13

929,081.90

164,858.43

33.27

16 - Machinery and mechanical appliances; electrical equipment; parts thereof; sound

17 - Vehicles, aircraft, vessels and associated transport equipment

18 - Optical, photographic, cinematographic, measuring, checking, precision, medical

19 - Arms and ammunition; parts and accessories thereof

20 - Miscellaneous manufactured articles

76,884.51

684.56

78,018.67

97.25

82,815.42

159.28

104,642.62

181.58

68,658.92

119.79

21 - Works of art, collectors pieces and antiques

9,439,424.71 10,538,914.51 11,076,068.34

9,480,366.87 10,804,845.85

1/ Revised

2/ Provisional

Source: CBN

116

Table 65

Direction of Crude Oil Exports 1/

Quantity (Thouand Barrels)

Value (N Million)

2015

Region/Country

2013

13,777

73,763

-

1,853

89,393

9,321

3,895

67,836

-

9,498

2014

3,046

24,048

2015

8,599

22,617

905

-

32,121

10,647

4,805

53,271

549

2016

23,427

94,901

2017 /2

23,948

2013

279,101.61

1,425,564.64

-

30,379.07

1,735,045.32

152,846.98

79,429.21

1,061,466.44

-

157,311.25

2014

40,938.95

2016

250,908.85

1,016,403.25

-

2017 /2

400,210

1,621,204

Canada

U.S.A

Panama

78,629.92

206,800.03

8,277.40

-

97,010

-

120,958

4,026

4,443

17,976

969

996

-

323,186.04

-

Atlantic Coast

Mexico

SUB-TOTAL: NORTH AMERICA

Argentina

Uruguay

-

27,094

954

4,750

80,160

-

4,799

-

118,328

3,939

4,347

17,585

948

974

-

364,124.99

-

293,707.35

-

1,267,312.10

42,186.56

46,553.65

188,341.25

10,150.29

10,436.13

-

2,021,414.20

67,289

74,255

300,412

16,190

16,646

-

12,816.99

63,839.59

1,077,303.65

-

64,497.99

97,356.62

43,934.63

487,091.33

5,017.52

Brazil

Colombia

Peru

Chile

-

Puerto Rico

Venezuela

South America for Orders

SUB-TOTAL: SOUTH AMERICA

Bahamas

-

1,901

-

71,173

-

17,378.96

-

650,779.05

-

987

91,537

-

16,178.16

1,467,232.04

-

90,664

-

27,793

-

28,411

-

1,218,458.23

-

297,667.88

474,792.34

-

Trinidad & Tobago

SUB-TOTAL: CENTRAL AMERICA

Virgin Island

SUB-TOTAL: CARRIBEAN ISLAND

OMSP Mediterranean

Germany

France

Italy

Netherlands

Potugal

N, WE

-

13,972

54,505

21,757

116,339

1,895

999

81,686

35,874

-

6,774

997

-

2,697

-

11,468

-

1,001

950

-

905

-

10,482

38,948

16,222

50,834

1,974

-

56,647

33,204

-

650

592

-

10,715

39,814

16,583

51,964

2,018

-

57,907

33,943

-

665

605

-

127,756.19

498,380.34

198,940.16

1,063,765.63

17,328.03

9,137.31

746,912.51

328,024.36

-

61,937.98

9,114.27

-

112,263.57

417,143.63

173,739.63

544,435.84

21,146.06

-

606,704.17

355,625.42

-

6,966.87

6,340.79

-

179,065

665,361

277,122

868,397

33,729

-

967,718

567,237

-

11,112

10,114

-

15,011

42,958

56,325

84,954

5,777

1,647

50,072

41,651

-

17,595

49,384

35,395

101,954

7,918

948

79,648

31,488

-

263,838.86

712,553.20

845,651.82

1,547,134.51

141,623.44

22,908.74

858,866.01

740,948.16

-

236,464.67

663,693.75

475,686.33

1,370,188.89

106,412.91

12,743.20

1,070,411.14

423,176.55

-

Spain

United Kingdom

Switzerland

Scotland

Denmark

Ireland

Bulgaria

Turkey

Malta

WESTERN EUROPE

Sweden

Belgium

Croatia

Norway

Lithuania

Poland

EUROPE FOR ORDERS

SUB-TOTAL EUROPE

Australia

New Zealand

SUB-OCEANIA/PACIFIC

Japan

-

7,633

2,498

-

3,877

-

4,745

905

220

10,792

907

-

11,483

-

565

600

109,616.86

14,751.88

-

63,773.21

12,157.27

2,953.44

145,033.45

12,185.69

-

154,323.22

-

7,596.63

8,063.61

-

24,662.57

31,574.99

-

13,608

-

400

-

1,555

-

225,118

545

-

545

-

133,439

29,867

-

6,420

7,198

-

2,850

-

13,911

-

409

-

1,589

-

230,122

557

-

557

-

136,405

30,531

-

6,563

7,358

-

2,913

-

185,412.25

-

104,855.33

-

145,748.08

-

232,474

12,240

-

1,834

-

9,154.19

8,683.20

-

8,274.33

-

4,283.02

-

16,651.50

-

2,411,048.57

5,834.14

-

5,834.14

-

1,429,151.14

319,875.87

-

68,759.02

77,096.62

-

6,832

-

26,560

36,045.21

-

326,477

16,964

-

16,964

1,027

108,577

25,737

-

354,546

10,390

-

10,390

-

136,420

35,137

-

5,510,925.93

264,835.23

-

264,835.23

-

1,715,271.86

361,184.22

-

111,657.92

46,790.80

62,441.19

-

4,764,863.96

139,630.41

-

139,630.41

-

1,833,392.90

472,221.31

-

12,321.90

-

3,845,720.24

9,306

-

9,306

-

2,279,554

351,820

-

3,216,926.38

-

1,424,594.38

236,597.58

-

India

Indonesia

Korea

Taiwan

China

Singapore

Thailand

Malaysia

155,801

25,876

-

510,215

-

109,673

122,972

-

48,686

-

948

917

-

7,780

3,203

5,705

-

11,412

2,306

6,127

949

-

10,558

6,061

649

5,928

-

153,373.46

30,986.74

82,336.96

12,750.04

96,535.93

55,422.49

5,930.57

54,204.35

-

30,523.07

-

Israel

U.A.E

-

OMSP (S) ASIA

SUB-TOTAL: ASIA & FAR EAST

Ghana

Cote D'Ivoire

Senegal

Cameroun

-

1,996

206,868

2,799

22,980

10,772

8,787

-

179,774

6,618

16,513

10,607

10,418

-

183,770

6,765

16,880

10,843

10,650

-

2,297,345.99

145,762.64

377,516.65

107,392.65

208,624.56

-

2,597,383.31

66,389.51

297,060.62

78,489.59

173,249.66

-

18,246.78

1,891,532.08

25,593.26

210,122.74

98,496.32

80,348.70

-

1,925,405.72

70,877.95

176,851.97

113,600.77

111,579.18

-

3,071,100.19

152,977

9,240

5,210

5,496

20,177

-

193,267

4,940

22,104

5,840

12,891

-

113,053

282,086

181,198

177,973

Mediterranean

Morocco

-

Equitorial Guinea

Benin Republic

South Africa

WAF For Others

Tunisia

Gulf of Guinea

Angola

Togo

Cape Verde

Others

SUB-TOTAL: AFRICA

TOTAL

-

950

51,149

-

30,503

14,071

-

546,248.58

-

12,764.50

687,406.48

-

464,323.08

-

4,702.28

-

740,614

-

7,500

56,773

1,995

900

906

948

2,847

-

43,353

-

439

-

2,895

1,973

1,063

93,879

645,435

44,317

-

449

-

2,960

2,017

1,086

95,966

659,784

519,113.99

18,239.76

8,226.84

8,283.91

8,670.68

26,036.54

-

31,009.11

21,129.78

11,380.91

1,005,455.03

49,461

33,703

18,153

1,603,741.54

-

84,697

762,045

97,874

773,834

109,708

771,690

1,385,545.07

12,660,929.59

1,315,360.36

10,399,821.26

1,003,132.73

7,056,077.59

6,912,723.44 11,026,074.20

1/ Revised

2/ Provisional

Source: The figures are compiled from various editions of the NNPC Annual Statistics Bulletin

117

Table 66

Non-Oil Exports by Products 1/

(Naira Million)

% Share in Total

2015

Product

2013

2014

2015

2016

2017 /2

2013

2014

2016 2017 /2

(1) Agricultural Produce

Cashew Nuts

Cocoa Beans

Coffee

Cotton

Cow Horn/Bones

Fish & Crustaceans

Ginger

Groundnuts

Gum Arabic

Rubber

Sesame Seeds

Other Agricultural Products

(2) Minerals

Copper

Lead

Manganese

Quartz

Zinc

Zirconium

Other Minerals

(3) Semi-Manufactured

Aluminium

Cocoa Products

Copper

Cotton Products

Furniture/Processed Wood

Lead

Leather & Processed Skins

Palm Products

Poly Products

Steel/Iron

Textured Yarn/Polyester

Tin

448,725.20

22,556.79

203,841.61

-

21,205.07

129.10

19,819.54

5,365.36

2,623.10

11,928.06

45,128.66

107,556.41

8,571.52

3,533.31

61.86

2,290.96

-

663.29

145.11

372.09

327,232.96

33,018.97

40,066.01

23,583.38

2,038.68

925.79

13,292.21

176,233.23

1,982.85

5,190.82

5,174.57

2,514.17

15,421.40

704.13

413,501.96

26,307.61

182,992.86

13.82

6,516.75

356.95

19,215.70

8,248.01

38.47

1,661.56

24,133.13

134,006.36

10,010.74

5,415.86

148.73

3,553.24

9.41

15.53

788.90

99.72

800.32

334,422.34

29,147.05

46,973.62

21,095.67

1,936.17

1,346.58

16,098.39

168,203.98

786.39

3,341.12

1,251.08

1,461.46

36,227.71

764.73

331,199.77

19,170.50

141,789.33

-

5,062.31

417.14

24,757.04

10,206.33

2.32

1,258.86

19,082.42

100,586.36

8,867.16

4,416.03

27.18

270,555.79

17,565.94

130,422.01

56.63

476.92

165.08

32,002.85

4,763.41

397.27

336,374.97

46,666.56

111,595.79

-

2,050.21

93.18

29,136.26

3,587.89

3,514.05

560.57

35,074.37

78,884.40

25,211.71

20,262.29

32.82

39.70

2.00

18.04

-

43.24

2.75

19.14

0.00

0.68

0.04

2.01

0.86

0.00

0.17

2.52

14.01

1.05

0.57

0.02

0.37

0.00

0.08

0.01

0.08

34.97

3.05

4.91

2.21

0.20

0.14

1.68

17.59

0.08

0.35

0.13

0.15

3.79

0.08

0.05

0.55

17.05

1.04

0.03

0.81

0.02

0.12

-

0.11

0.49

0.02

0.07

0.76

0.71

0.19

0.07

1.99

2.27

0.43

0.11

0.25

3.94

0.10

3.52

4.17

0.12

0.19

-

48.94

2.83

20.95

-

40.03

2.60

19.30

0.01

0.07

0.02

4.73

0.70

0.06

0.13

2.94

8.59

0.87

0.76

-

31.30

4.34

10.38

-

0.19

0.01

2.71

0.33

0.05

3.26

7.34

2.35

1.88

0.01

1.75

0.47

0.23

1.06

3.99

9.52

0.76

0.31

0.01

0.20

-

0.75

0.06

3.66

1.51

0.00

0.19

2.82

14.86

1.31

0.65

0.00

0.32

0.03

-

889.56

19,858.53

58,050.46

5,907.13

5,141.80

-

933.51

2,111.12

-

1,164.69

288.33

644.14

143,715.30

17,416.26

35,056.66

882.13

1,981.13

9,900.91

12,333.11

25,377.76

2,848.93

19,272.38

2,685.59

200.97

0.00

0.10

0.01

0.26

0.02

1.47

20.16

1.80

3.52

0.12

0.13

1.46

1.37

2.56

0.55

2.85

1.03

0.04

-

0.78

0.04

3.91

13.87

-

0.02

1.18

0.01

0.08

-

0.14

0.34

0.01

0.02

0.65

0.33

0.15

0.04

0.95

0.19

0.60

0.13

0.01

6.05

0.04

2.93

32.79

1.68

0.53

-

2,139.39

211.33

1,098.96

160.87

77.45

2,816.03

239.16

0.14

0.31

-

1,095.73

181.31

761.09

0.06

0.01

0.03

28.95

2.92

3.54

2.09

0.18

0.08

1.18

15.59

0.18

0.46

0.22

1.36

0.06

0.03

0.59

12.81

1.19

0.02

0.62

0.01

0.11

-

0.16

0.03

0.11

22.96

2.98

5.01

0.64

0.27

0.21

2.10

7.32

0.05

0.33

0.04

0.01

2.90

0.52

0.06

0.51

19.91

0.23

0.06

1.16

0.02

0.16

0.01

0.19

0.75

0.03

0.69

0.77

0.16

0.12

1.82

1.75

1.12

0.32

0.08

5.87

0.17

4.39

7.54

0.63

0.57

-

0.17

0.04

0.10

21.26

2.58

5.19

0.13

0.29

1.46

1.82

3.75

0.42

2.85

0.40

0.03

-

1.21

0.04

1.08

22.12

0.09

0.07

1.64

0.01

0.20

-

0.05

0.90

0.01

1.00

0.55

0.13

0.08

1.41

0.19

1.26

0.37

0.02

9.45

0.04

4.64

15.83

2.43

0.22

0.02

2.71

5.08

0.56

4.34

0.46

15,837.01

216,727.35

19,394.39

37,886.55

1,285.62

1,364.82

15,727.70

14,767.97

27,502.92

5,862.93

30,582.19

11,098.78

419.14

155,379.29

20,180.74

33,890.35

4,341.92

1,831.25

1,429.83

14,227.80

49,572.78

335.15

2,234.00

272.31

38.75

19,651.13

3,494.17

432.62

3,446.49

134,767.69

1,530.82

409.37

7,826.85

148.20

1,097.90

68.97

1,319.32

5,057.75

220.06

-

Wheat Bran Pellets

Zinc

8,184.81

300.60

7,274.09

149,503.55

624.29

497.92

11,104.42

83.68

1,366.99

-

324.58

6,098.94

98.92

85.89

6,728.00

3,711.46

851.03

8,370.00

440.13

42,024.20

149,048.33

-

362.55

501.71

Other Semi-Manufactured Products

(4) Manufactured

Aluminium Products

Asbestos Products

Beer/Beverages

Carpet/Rug

Copper

Confectionery

Electrical

6,724.20

144,803.15

13,455.04

202.47

7,030.23

117.78

5,286.67

163,082.01

9,970.72

321.01

7,769.53

191.72

1,193.12

-

1,023.97

4,665.35

210.42

233.74

12,702.44

123.41

814.42

1,274.29

-

1,536.88

3,623.44

127.08

-

Empty Bottles

Furniture

Glass

4,333.84

301.25

623.39

0.38

0.03

0.06

0.51

0.55

0.10

(0.01)

1.39

1.66

0.32

0.07

0.28

2.96

0.07

2.50

18.22

0.04

0.15

-

691.78

176.22

204.41

Insecticide

5,725.05

6,201.36

1,140.27

(135.72)

15,673.89

18,711.63

3,666.46

832.21

3,172.32

33,467.73

750.20

28,259.45

205,931.69

461.41

1,709.89

-

161,351.97

5,708.15

352.75

16,243.76

20,103.76

1,130,226.32

7,261.09

6,809.48

1,777.48

637.85

19,006.49

21,703.24

4,144.69

1,022.54

2,415.31

37,634.14

944.61

33,687.47

39,854.94

1,187.72

1,777.99

-

1,245.81

2,358.95

1,201.01

19,663.65

12,419.81

956,277.11

4,701.35

5,243.77

1,055.55

789.86

12,345.65

11,867.71

7,601.77

2,175.92

531.31

39,727.66

1,135.19

29,736.49

51,004.83

4,286.91

3,856.42

-

1,196.39

10,419.41

4,314.64

25,420.03

1,511.03

676,767.61

6,995.05

3,570.99

1,612.50

395.04

10,201.76

2,060.16

6,430.97

1,383.25

123.30

Milk Products

Paper Products

Pharmaceuticals

Plastic

Plastic Footwear

Soap & Detergents

Steel/Iron Products

Textiles

Tobacco

Vehicles

Other Manufactured Products

(5) Other Exports

Cement/Lime Products

Charcoal

511.12

9,511.46

1,295.08

8,501.63

2,503.61

122.47

63,874.77

259.58

65,011.33

433.77

31,347.70

106,992.11

16,445.52

1,481.51

125.92

18,315.15

34,342.21

3,788.05

29,359.80

3,133.96

675,908.56

31,464.40

352,386.10

18,087.95

5,696.25

-

193,271.48

96,474.19

1,556.01

34,280.23

3,019.99

Fertilizer

Petroleum Products

Urea

Used/Re-Exported Machinery

Electricity

14.28

0.51

0.03

1.44

1.78

0.13

0.25

0.13

2.06

1.30

0.18

1.54

0.64

3.76

0.22

17.98

8.98

0.14

3.19

0.28

Other Products

TOTAL

1,074,799.05 100.00 100.00 100.00 100.00 100.00

1/ Revised

2/ Provisional

The figures include estimates made for informal/unrecorded exports

118

Source: CBN

119

Table 67

Top 100 Non-Oil Exporters in Nigeria in 2017

S/N

EXPORTER

FOB VALUE (USD)

EXPORTED PRODUCT

DESTINATION

BENSON & HEDGES LIBERIA CIGARETTES, GLADSTONE FF CIGARETTES, LONDON

KING SIZE, STATE EXPRESS 555, CRAVEN A FF KSHL 20 KSHL 20 UV_IB CIGARETTES

NIGERIAN SESAME SEEDS (DHS), GOOD FERMENTED SUPERIOR GRADE NIGERIAN

COCOA BEANS

LIBERIA, GUINEA, GHANA, CAMEROUN, COTE D'IVOIRE,

NIGER

INDIA, NETHERLANDS, POLAND, SYRIA, UNITED KINGDOM,

SINGAPORE, TURKEY, JORDAN, POLAND, JAPAN

URUGUAY, BRAZIL, ARGENTINA

NETHERLANDS, CHINA (TAIWAN), UNITED STATES OF

AMERICA, VIETNAM

NETHERLANDS, MEXICO, SPAIN

145,475,413.80

1 BRITISH AMERICAN TOBACCO NIGERIA LIMITED

110,892,866.77

69,814,745.50

38,397,623.21

32,600,752.50

2 OLAM NIGERIA LIMITED

3 INDORAMA ELEME FERTILIZER & CHEMICALS LTD.

GRANULAR UREA IN BULK

SEA FROZEN SHRIMPS AND CRABS

4 ATLANTIC SHRIMPERS LIMITED

5 TULIP COCOA PROCESSING LIMITED

NIGERIAN COCOA CAKE, PURE PRIME PRESSED NIGERIAN COCOA BUTTER

INDOMIE INSTANT NOODLES HMS ONION FLAVOUR (210G), INDOMIE NOODLES

ORIENTAL FRIED AND INSTANT NOODLES PEPPER CHICKEN JUMBO, NOODLE

CHICKEN FLAVOUR MINIMIE (70G)

GREY ORDINARY DANGOTE PORTLAND LIMESTONE CEMENT CEM II/A-L 42.5R

TECHNICALLY SPECIFIED NATURAL RUBBER (TSNR) PROCESSED RENL 20

ALUMINIUM ALLOY INGOT AD 12.1, PURE LEAD INGOTS, ALUMINIUM ALLOY INGOT

AV 87

30,568,427.10

GHANA, CAMEROON, UNITED STATE OF AMERICA

6 DE UNITED FOODS INDUSTRIES LIMITED

7 DANGOTE CEMENT PLC

8 RUBBER ESTATES NIGERIA LIMITED

21,496,930.52

20,392,842.73

NIAMEY, NIGER REPUBLIC, TOGO, GHANA

SPAIN, FRANCE, ITALY, POLAND SPAIN, SINGAPORE

19,944,300.86

18,768,075.04

17,330,819.99

SOUTH KOREA, JAPAN, INDONESIA, JAPAN, UAE, THAILAND

TURKEY, GREECE, JAPAN,

9 SFURNA GLOBAL LIMITED

10 ETC AGRO COMPANY NIGERIA LIMITED

NIGERIAN SESAME SEEDS

NIGERIAN SESAME SEEDS, NIGERIAN GINGER, NIGERIAN PREMIUM QUALITY HULLED

SESAME SEEDS

NETHERLANDS, ITALY POLAND, TURKEY, JAPAN, INDIA

11 WACOT LIMITED

NGL020FG C-LINEAR, OFF SPEC FILM GRADE NORMAL PACKAGE, RAMAPET PET

GRADE S1

PRINTED CEMENT SACKS (S50 X 69 X 11CM), PRINTED LAMINATED CEMENT SACKS

(BAGS)

NIGERIAN DRIED CHILI, NIGERIAN DRY SHEA NUT, NIGERIAN SESAME SEEDS

INSECTICIDES, ANTISEPTIC, SOAP AND MACHINE OIL, RAMBO AEROSOL

INSECTICIDES-300ML, MOSQUITO COILS (NIS & DOUBLE) INSECTICIDES

GUINNESS FES - 600ML, 325 ML, MALTA GUINNESS (330ML)

EMPTY (330ML) SAVANNA BOTTLES, EMPTY (330ML) HUNTERS-FLINT (NEW)

BOTTLES, EMPTY

16,156,382.00

GHANA, INDIA, GREECE, SPAIN, PORTUGAL

DJIBOUTI, ETHOPIA, GHANA, SIERRA LEONE

12 INDORAMA ELEME PETROCHEMICALS LTD.

15,559,607.01

15,346,736.83

15,161,706.43

15,060,692.26

14,134,987.98

12,911,431.50

11,147,700.13

9,816,233.94

9,748,332.37

8,861,140.17

13 DANGOTE AGROSACKS LIMITED

14 ENKAY INDO-NIGERIAN INDUSTRIES LIMITED

NETHERLANDS, CHINA, MOROCCO, UAE, TURKEY

GABON, COTE D'IVOIRE, MALI, BAMAKO, MALI, TOGO UNITED

KINGDOM

15 GONGONI COMPANY LIMITED

16 GUINNESS NIGERIA PLC

UNITED KINGDOM, GHANA, CAMEROON

SIERRA LEONE, GHANA, LIBERIA, CAPE VERDE

AMSTERDAM, BELGIUM, NETHERLANDS

17 BETA GLASS PLC

18 NNPC/PPMC

NAPHTHA

RECYCLED POLYPROPYLENE BLACK, WHEAT BRAN PELLETS, NIGERIAN DRIED RAW

CASHEW NUTS IN SHEKL, AXISLL PLASTIC PVC VALVE BAGS

TECHNICALLY SPECIFIED NATURAL RUBBER (TSNR PROCESSED) NOKO 10

COCOA BUTTER, CONFECTIONARIES, (TOM TOM HONEY, LEMON, CLASSIC AND

STRAWBERRY), COCOA CAKE (ALKALISED)

NIGERIAN RAW CASHEW NUTS, NIGERIAN COCOA BEANS

SOAP AND LOTION, COSMETICS, BEAUTY CARE (BABY & HAIR) AND TOILET SOAP,

VARIOUS BABY & SKIN CARE PRODUCTS, ROBB OINTMENT AND OLYMPIC

EVAPORATED MILK

FROZEN SHRIMPS, SOLE FILLET AND CRAB CLAWS/CLUSTERS

NIGERIAN RAW COCOA BEANS (2015/2016 MAIN CROP), GOOD FERMENTED

NIGERIAN RAW COCOA BEANS (2015/2016 CROP)

MAGGI SEASONING AND MAGGI CHICKEN SEASONING POWDER (18X450G), MAGGI

CUBE STAR 21X400G(140Z) US

UNITED STATES OF AMERICA, MOROCCO, VIETNAM

FRANCE, GERMANY, ITALY, SINGAPORE, FINLAND

NETHERLANDS, GHANA, GERMANY, SPAIN.

VIETNAM, SPAIN, NETHERLANDS

19 FLOUR MILLS OF NIGERIA PLC

20 THE OKOMU OIL PALM COMPANY PLC.

21 CADBURY NIGERIA PLC

22 M+AZEEZCO INTERNATIONAL LIMITED

GHANA, LIBYA, CONGO, MALI, SUDAN, GABON, TOGO, COTE

D'IVOIRE

8,582,770.88

23 PZ CUSSONS NIGERIA PLC

24 OLOKUN (PISCES) LIMITED

8,254,557.88

8,167,600.50

BELGIUM, FRANCE

NETHERLANDS, GERMANY, INDONESIA

25 OLATUNDE INTERNATIONAL LIMITED

26 NESTLE NIGERIA PLC

8,131,388.48

8,130,087.59

GHANA, USA, SPAIN, GHANA, MALI, NIGER, GUINEA

GHANA, COTE D'IVOIRE

OMO MULTIACTIVE RELAUNCH POWDER AND SUNLIGHT SENSATION PINK

(CHEETAH) 10X1KG

27 UNILEVER NIGERIA PLC

NIGERIAN NATURAL COCOA CAKE, UTZ CERTIFIED PURE PRIME PRESSED NIGERIAN

COCOA BUTTER

CRUST LEATHER (SHEEP AND GOAT SKINS) GRADES FIVE, SIX AND TR

7,807,459.10

7,360,770.38

7,307,671.74

NETHERLANDS, GERMANY, FRANCE SPAIN

28 PLANTATION INDUSTRY LIMITED

29 UNIQUE LEATHER FINISHING CO. LIMITED

ITALY, GLASCOW-SCOTLAND

CONGO, DEMOCRATIC REPUBLIC OF THE, KENYA, UGANDA,

ZIMBABWE

HUGGIES DRY COMFORT DIAPERS (VARIOUS SIZES)

30 KCSSA WEST AFRICA LIMITED

31 AGRICO-AGBE LIMITED

32 STANDARD METALLURGICAL COMPANY LIMITED

6,808,790.68

6,582,543.22

REMELTED LEAD INGOTS

CHINA

REINFORCEMENT STEEL BARS (IRON ROD), COCOA BEANS

BRANDED ALUMINUM CANS (FANTA ORANGE 33CL) AND SILVER CAN LIDS, EMPTY

500ML DRAGON ENERGY

GUINEA, BELGIUM, GERMANY

6,504,441.51

BENIN, SOUTH AFRICA, TOGO

33 GZ INDUSTRIES LIMITED

120

Table 67 Cont’d

Top 100 Non-Oil Exporters in Nigeria in 2017

121

S/N

EXPORTER

FOB VALUE (USD)

EXPORTED PRODUCT

DESTINATION

34 ROM

OIL MILLS LIMITED

35 SINO MINMENTALS COMPANY LIMITED

6,255,470.84

6,220,443.99

NIGERIAN SOLVENT EXTRACTED SOYA BEANS MEALS, NIGERIAN SOY BEAN MEAL

MANGANESE ORE

MOROCCO, GHANA, PORTUGAL

CHINA

UNITED STATES OF AMERICA, SOUTH AFRICA, UNITED

KINGDOM KINGDOM

NIGERIAN PALM KERNEL CAKE, GOOD FERMENTED NIGERIAN COCOA BEANS- CROP SOUTH AFRICA, NETHERLANDS, BELGIUM, SOUTH AFRICA,

5,875,573.74

5,602,590.50

100% SYNTHETIC HAIR GOODS (SB X-PRESSION BRAID) NOW

36 LINDA MANUFACTURING CO. LIMITED

37 BOLAWOLE ENTERPRISES NIG. LIMITED

38 SPRINGFIELD AGRO LIMITED

39 ORC FISHING & FOOD PROCESSING LIMITED

40 VAKOREDE NIGERIA LIMITED

41 EVEREST METAL NIGERIA LIMITED

42 AGRO TRADERS LIMITED

2015

GHANA

5,499,461.05

5,176,928.08

4,933,956.00

4,849,322.09

4,670,874.80

NATURAL WHITE SESAME SEEDS, DRIED RAW CASHEW NUTS IN SHELL

PROCESSED SHRIMPS

TURKEY, VIETNAM, TURKEY, INDIA

FRANCE, NETHERLANDS

CHINA, VIETNAM, INDIA

GERMANY, JAPAN

NIGERIAN RAW CASHEW NUTS IN SHELL, PIGEON PEAS

LEAD CONCENTRATE, ALUMINIUM INGOT, SECONDARY ALUMINIUM INGOT

UTZ CERTIFIED NIGERIAN RAW COCOA BEANS (2015/2016 MAIN CROP)

REMELTED COPPER INGOTS, ALUMINIUM INGOT, ALUMINIUM INGOTS ADC 12

GRADE

NIGERIAN CASHEW KERNELS, CASHEW NUTS IN SHELL, SESAME SEEDS

REMELTED LEAD INGOTS, ALUMINIUM INGOTS, REFINED LEAD INGOTS

COCOA BUTTER

NETHERLANDS, GERMANY

4,640,451.14

JAPAN, CHINA, SOUTH KOREA

43 METAL RECYCLING INDUSTRIES LIMITED

44 VALENCY CASHEW PROCESSING LIMITED

45 LLOYDS INDUSTRIES LIMITED

46 FTN COCOA PROCESSORS LIMITED.

47 WEST AFRICAN TANNERY COMPANY LIMITED

4,507,678.59

4,330,665.65

3,987,868.30

3,976,602.03

VIETNAM, UNITED STATES OF AMERICA, GERMANY, INDIA

ITALY, THAILAND, JAPAN, SOUTH KOREA, ITALY

GERMANY,. UNITED STATES OF AMERICA

CRUST/FINISHED GOAT AND SHEEP LEATHER A-655

FULL CREAM MILK POWDER PEAK (12X400G), FULL CREAM UNSWEETENED

EVAPORATED PEAK MILK (96X30G) SACHETS

CHINA, HONG KONG, INDIA, ITALY, CHENNAI, LEGHORN

3,866,382.50

GHANA, SIERRA LEONE

48 FRIESLAND CAMPINA WAMCO NIGERIA PLC

PAMPERS BABY DIAPERS (VARIOUS SIZES ), ARIEL DETERGENT (12 X 500G AND 8X

1KG)

FROZEN SHRIMPS AND CRAB CLAWS/CLUSTERS

3,683,987.99

3,557,531.78

3,321,875.00

CÔTE D’IVOIRE, SENEGAL GHANA

BELGIUM, PORTUGAL, BELGIUM, SPAIN

CHINA

49 PROCTER & GAMBLE NIGERIA LIMITED

50 BANARLY (NIGERIA) LIMITED

GOLDEN MANGO INTERNATIONAL TRADE COMPANY

51 LIMITED

NIGERIAN COCOA BEANS (MAIN CROP 2016),COCOA LIQUOR

52 FATA TANNING LIMITED

53 AFRICAN FOUNDRIES LIMITED

54 ALKEM

NIGERIA LIMITED

3,277,571.26

3,000,779.33

2,978,621.13

FINISHED GOAT AND SHEEP LEATHER A-128 AND 129

REINFORCING STEEL RE-BARS - TIGER & LION (VARIOUS SIZES)

POLYETHYLENE TEREPHTHALATE FLAKES - CLEAR / BLUE

ITALY,CHINA,HONG KONG,LEGHORN,ITALY,PORTUGAL

GUINEA,BENIN,NIGER

UNITED STATES OF AMERICA,INDIA,TURKEY,GERMANY

SOUTH AFRICA,INDIA,LITHUANIA,UNITED

KINGDOM,GERMANY,MALAYSIA

ITALY,INDIA,CHENNAI,MILAN, MADRID,SPAIN

PORTUGAL,BULGARIA,EGYPT,POLAND

BELGIUM

SPAIN

NETHERLANDS

2,903,172.76

PROCESSED RUBBER (NSR 10)

55 ENGHUAT INDUSTRIES LIMITED

56 MAMUDA INDUSTRIES (NIG) LIMITED

57 SUNFLAG (NIGERIA) LIMITED

58 SEABLESS FISHING CO. LIMITED

59 CRISWEL EQUITY NIGERIA LIMITED

60 JOSANIK PRODUCTS LIMITED

61 KARFLEX FISHERIES LIMITED

2,794,427.00

2,748,135.30

2,704,255.88

2,297,000.00

2,156,770.00

2,094,552.87

PROCESSED, FINISHED LEATHER

100% COTTON YARN NE 10/1 OE WEAVING RAW WHITE

FROZEN SHRIMPS, CRABS, CUTTLE AND SOLE FISH

GOOD FERMENTED NIGERIAN COCOA BEANS (MAIN CROP 2015/2016)

GOOD FERMENTED NIGERIAN COCOA BEANS (MAIN CROP 2014/2015)

FROZEN SHRIMPS AND CRAB CLAWS

COPPER INGOT,ALUMINIUM INGOT,PROCESSED WOOD (FURNITURE

COMPONENTS),CASHEW NUT

2,090,108.76

CHINA,VIETNAM

62 RYANOBI LOGISTICS LIMITED

63 SEVEN-UP BOTTLING COMPANY PLC

64 AKEEM

& KAMORU (NIG.) LIMITED

65 WEST AFRICAN RUBBER PRODUCTS (NIG) LIMITED

66 AFRICAN NONFERROUS INDUSTRIES LIMITED

67 COCOA PRODUCTS (ILE-OLUYI) LIMITED

1,930,252.91

1,919,086.50

1,914,991.51

1,881,578.55

1,634,582.70

VARIOUS CARBONATED SOFT DRINKS

GOOD FERMENTED NIGERIAN COCOA BEANS

BATHROOM SLIPPERS

LEAD INGOT

NIGERIAN COCOA BUTTER

SIERRA LEONE,GHANA,TANZANIA

NETHERLANDS

GHANA,TOGO

ITALY,UAE,INDONESIA,SOUTH KOREA

GERMANY,NETHERLANDS

Table 67 Cont’d

122

Top 100 Non-Oil Exporters in Nigeria in 2017

S/N

EXPORTER

FOB VALUE (USD)

EXPORTED PRODUCT

DESTINATION

68 MINL LIMITED

69 MATHS METALS RECYCLING LIMITED

1,607,100.60

1,557,028.90

ALUMINIUM ALLOY INGOTS (BASE METAL)

ALUMINIUM ALLOY INGOT ADC - 12

JAPAN,INDIA

INDIA

FULL CHROME SHEEP BLACK CRUST LEATHER & GOAT SUEDE, NATURAL COLOR

LEATHER

MUMBAI AIRPORT INDIA,UNITED ARAB

EMIRATE,CHINA,VIETNAM

MEXICO, POLAND, CROATIA, PERU, LATVIA, MOROCCO, UAE

INDIA, SPAIN, UAE, MOROCCO

1,506,882.19

70 TATA AFRICA SERVICES (NIGERIA) LIMITED

71 TOON CONSOLIDATED COMPANY LIMITED

72 CENTURY EXPORTS LIMITED

1,212,400.00

1,202,600.00

1,161,639.82

NIGERIAN DRIED SPLIT GINGER, GUM ARABIC, DRIED HIBISCUS

NIGERIAN DRIED GINGER, TUMERIC, RAW CASHEW NUTS

NIGERIAN RAW CASHEW NUTS, WHITISH SESAME SEED

FLEXIBLE PACKAGING MATERIAL - LAMINATE NIDO ESS RV 26 G, RV 14 G AND RV 365

G, UNPRINTED POLYESTER FILM

73 TIME LINE LIMITED

VIETNAM, CHINA, IRAN

1,150,707.18

GHANA, BAHRAIN, CAMEROON

74 ABVEE INDUSTRIES LIMITED

75 SARO AGRO ALLIED LIMITED.

76 CEMENT COMPANY OF NORTHERN NIGERIA PLC

77 LEAF TOBACCO & COMMODITIES (NIG.) LIMITED

1,150,000.00

1,149,996.00

1,143,410.33

COCOA BEANS - UTZ CERTIFIED

GREY SOKOTO PORTLAND CEMENT CEM II/A-L 42.5N

PETERFIELD MENTHOL CIGARETTES, YES, SUPERMATCH

ESTONIA, NETHERLANDS, MALAYSIA, SPAIN

NIAMEY, NIGER REPUBLIC

BURKINA FASO, COTE D'VOIRE, REPUBLIC OF BENNIN

1,083,282.65

DAIRY PRODUCTS - HOLLANDIA YOGHURT (PLAIN SWEETENED AND STRAWBERRY) CÔTE D’IVOIRE, GHANA, MALI, TOGO,

78 CHI LIMITED

79 TRIPPLESEA LIMITED

994,454.50

980,840.00

980,810.64

980,120.20

972,903.78

957,927.22

914,778.36

900,000.00

897,200.00

870,398.20

868,153.45

862,400.00

853,795.83

MICA SCRAP

SOYA BEAN MEAL

NON-GMO NIGERIAN SOYABEANS

NIGERIAN RAW COTTON (2015/2016 CROP)

POWDER, PERFUME, DEODORANT AND HAIR FOOD

RAW CASHEW NUT

NIGERIAN COCOA BEANS

CEMENT

ZINC, LEAD CONCENTRATE

DETTOL LIQUID, SOAP AND MORTEIN (VARIOUS SIZES)

RAID (MIK AND CIK 300ML/24) AEROSOL

COCOA BUTTER

NIGERIAN DRIED RAW CASHEW NUTS IN SHELL (CROP 2016)

NIGERIAN DRIED HIBISCUS SIFTINGS (NEW CROP 2016), NIGERIA GUM ARABIC

ACCACIA

FABRICATED STEEL RACKS

SESAME SEEDS NIGER ORIGIN, CASHEW NUTS

NIGERIAN RAW CASHEW NUTS

CHINA

GHANA

NEPAL

80 BNOT HAREL NIGERIA LIMITED

81 CROWN FLOUR MILLS LIMTED

82 COTTON GINNING COMPANY LIMITED

83 CYBELE COSMETICS LIMITED

84 POPULAR FARMS AND MILLS LIMITED

85 GBEMTAN INVESTMENT LIMITED

86 KHAMSUSI NIGERIA LIMITED

87 TONGYI ALLIED MINING LIMITED

88 RECKITT BENCKISER NIGERIA LIMITED

89 SC JOHNSON & SONS NIGERIA LIMITED

90 JOF NIGERIA LIMITED

THAILAND

CONGO,TANZANIA

VIETNAM

SPAIN

NIAMEY, NIGER

CHINA

GHANA, CAMEROON

GHANA

NETHERLANDS

INDIA

91 RISU NIGERIA LIMITED

817,012.72

INDIA, RUSSIA

92 FULLMARK COMMODITIES LIMITED

93 CADLEY LOGISTICS LIMITED

94 3F NIGERIA IMPEX LIMITED

816,278.96

804,891.75

785,741.88

CONGO, DEMOCRATIC REPUBLIC OF THE

INDIA, CHINA

INDIA

95 ORBIT AGRO EXPORTS LIMITED

ANDREWS LIVER SALT (LEMON, REGULAR, LEMON & ORANGE), PANADOL

SUSPENSION- 60 ML, HORLICKS (400G & 450G),

783,638.65

GHANA

96 GLAXOSMITHKLINE CONSUMER NIGERIA PLC

BELGIUM, FRANCE,GERMANY, GHANA,INDIA, KUWAUT,

LATVIA, MOROCCO, RUSHIA, SPAIN, TURKEY, UNITED ARAB

EMIRATES (UAE), UNITED KINGDOM, UNITED STATE OF

AMERICA

774,662.00

NIGERIAN DRIED SPLIT GINGER, NIGERIA BEEWAX

97 TOUTON NIGERIA LIMITED

98 COURTYARD FARMS LIMITED

750,000.00

739,002.79

GOOD FERMENTED NIGERIAN COCOA BEANS (MAIN CROP 2015/2016)

NIGERIAN DRIED SPLIT KOLANUTS, NIGERIAN DRIED SPLIT GINGER

NETHERLANDS, SPAIN, UNITED KINGDOM

VAHL INTERNATIONAL & NATURAL GOODS

LIMITED

99

UNITED STATES OF AMERICA

BRAZIL, ISREAL MOROCCO

UREA GRANULAR FERTILIZER, GRANULAR IN BULK, FULLY REFRIDGERATED

ANTHDOUS AMMONIA IN BULK

713,674.00

100 NOTORE CHEMICAL INDUSTRIES PLC

909,453,113.74

TOTAL VALUE

Source: CBN

123

Table 68

Exchange Rate Movements

(Naira per US Dollar)

Month

CBN WDAS/RDAS Rate

Bureaux de Change

Interbank Rate

2015

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2016

2017

January

February

March

April

May

June

July

August

September 157.32

October

157.30

157.31

157.30

157.31

157.32

157.31

157.29

157.31

157.30

157.29

157.30

157.31

160.00

169.68

158.55

169.68

Closed

159.12

158.70

159.80

159.81

159.57

160.98

162.43

162.28

163.14

165.00

167.14

171.40

162.45

171.71

169.45

171.52

170.25

166.85

167.17

167.71

170.36

168.64

169.43

175.85

188.45

171.45

196.13

213.03

222.93

210.70

219.55

218.98

237.15

216.64

222.68

224.98

232.40

258.30

222.79

289.78 493.29

329.83 494.70

320.93 429.48

320.71 392.89

336.93 384.48

351.82 366.25

364.47 365.38

396.15 365.57

431.10 365.55

462.03 362.21

415.36 362.41

455.26 362.83

156.96

157.52

158.38

158.20

158.02

160.02

161.12

161.15

161.96

159.83

158.79

159.05

159.25

160.23

163.62

164.62

162.19

161.86

162.82

162.25

161.99

162.93

164.64

171.10

180.33

164.88

181.78

194.48

197.07

197.00

196.92

196.97

197.00

196.99

195.52

197.00 305.20

197.00 305.31

197.00 306.40

197.00 306.05

197.00 305.54

231.76 305.72

294.57 305.86

309.73 305.67

305.23 305.89

305.21 305.62

305.18 305.90

305.22 306.31

253.49 305.79

157.42

157.27

157.31

November

December

Average

372.86

490.00

395.42

End-Period 157.26

169.68

172.00

191.50

267.00

159.90

180.00

197.00

305.00

Notes: The CBN closed down the retail Dutch Auction System (rDAS) segment of the FOREX market on February 18, 2015.

The Interbank Rate became the reference official exchange rate on February 18, 2015.

124

Table 69

International Investment Position of Nigeria 1/

(US$’ Millions)

Type of Asset/Liability

2013

2014

2015

2016

2017 /2

Net international investment position of Nigeria

(13,265.40)

(34,974.09)

(43,190.71)

(52,704.08)

(57,799.14)

ASSETS

150,829.02

8,644.65

-

19,883.84

17,505.46

-

17,505.46

148,362.73

10,258.94

-

23,332.99

20,264.78

-

20,264.78

145,685.61

11,694.15

-

25,009.48

21,605.98

-

21,605.98

139,969.54

12,999.19

-

25,186.90

21,747.91

-

21,747.91

153,908.01

14,285.36

-

25,194.14

21,753.70

-

21,753.70

Direct investment abroad

Equity Capital and Reinvested Earnings

Other Capital

Portfolio investment abroad

Equity Securities

Monetary Authority

General Government

Banks

Other Sector

-

2,378.38

-

3,068.21

-

3,403.51

-

3,438.99

-

3,440.44

Debt Securities

Bonds and Notes

Monetary Authority

General Government

Banks

-

Other Sector

-

2,378.38

-

3,068.21

-

3,403.51

-

3,438.99

-

3,440.44

Money Market

Monetary Authority

General Government

Banks

-

2,378.38

-

3,068.21

-

3,403.51

-

3,438.99

-

3,440.44

Other Sector

-

Financial Derivatives

Monetary Authority

General Government

Banks

-

Other Sector

Other Assets

-

79,453.21

-

80,529.25

-

80,697.15

-

74,792.88

-

75,075.01

Trade Credit

16,079.71

-

13,577.39

-

7,543.19

-

5,704.75

-

7,531.64

-

Monetary Authority

General Government

Banks

-

16,079.71

9,107.15

-

13,577.39

11,925.83

-

7,543.19

13,886.51

-

5,704.75

12,489.70

-

7,531.64

14,299.52

-

Other Sector

Loans

Monetary Authority

Long-term

Short-term

General Government

Long-term

Short-term

-

Banks

2,949.95

3,836.82

3,118.98

2,578.10

2,072.52

Long-term

Short-term

Other Sector

Long-term

Short-term

2,949.95

6,157.20

3,836.82

8,089.01

3,118.98

10,767.53

2,578.10

9,911.59

2,072.52

12,227.00

Currency and Deposits

Monetary Authority

General Government

Banks

54,266.36

-

9,261.30

10,672.90

34,332.16

42,847.31

55,026.03

-

9,939.89

11,703.36

33,382.78

34,241.54

59,267.46

-

8,589.04

7,239.52

43,438.90

28,284.82

56,598.43

-

8,489.20

5,949.20

42,160.03

26,990.58

53,243.85

-

7,982.07

4,112.41

41,149.37

39,353.49

Other Sector

Reserve Assets

Gold

Special Drawing Rights

Reserve Position in the Fund (IMF)

Foreign Exchange

2,579.58

2,426.28

2,323.05

2,009.62

2,130.36

40,267.73

31,815.26

25,961.77

24,980.96

37,223.13

125

Table 69 Cont’d

International Investment Position of Nigeria 1/

(US$’ Millions)

Type of Asset/Liability

LIABILITIES

2013

2014

2015

2016

2017 /2

211,707.15

97,687.14

95,815.38

1,871.76

72,408.65

30,534.04

-

164,094.41

81,977.41

80,126.09

1,851.32

54,162.23

26,716.30

-

183,336.82

86,671.23

84,806.89

1,864.34

59,454.99

27,761.26

-

188,876.32

89,735.40

87,866.84

1,868.56

61,990.19

27,284.64

-

192,673.62

94,184.14

92,314.69

1,869.44

63,877.88

27,609.77

-

Direct investment in Reporting Economy

Equity Capital and Reinvested Earnings

Other Capital

Portfolio Investment in Reporting Economy

Equity Securities

Monetary Authority

General Government

Banks

-

Other Sector

26,716.30

27,445.92

22,124.81

27,761.26

31,693.73

25,347.61

27,284.64

34,705.55

27,787.81

27,609.77

36,268.11

28,772.52

30,534.04

41,874.62

31,170.16

Debt Securities

Bonds and Notes

Monetary Authority

General Government

Banks

22,124.81

-

25,347.61

-

27,787.81

-

28,772.52

-

31,170.16

-

Other Sector

-

5,321.12

-

6,346.13

-

6,917.74

-

7,495.59

-

10,704.45

-

Money Market

Monetary Authority

General Government

Banks

-

5,321.12

-

6,346.13

-

6,917.74

-

7,495.59

10,704.45

-

Other Sector

-

Financial Derivatives

Monetary Authority

General Government

Banks

-

Other Sector

Other Liabilities

Trade Credit

-

27,954.78

-

37,210.59

-

37,150.72

-

34,611.61

-

41,611.36

-

Monetary Authority

General Government

Banks

Other Sector

Loans

20,239.31

-

25,887.36

-

25,081.49

-

24,462.07

-

29,710.01

-

Monetary Authority

Long-term

Short-term

General Government

Long-term

Short-term

6,527.07

-

3,677.46

-

10,034.78

-

7,715.47

9,711.45

-

6,110.64

-

10,065.27

-

11,323.23

10,718.43

-

6,808.16

-

7,554.90

-

12,069.24

11,406.28

-

6,080.08

-

6,975.71

-

10,149.53

15,352.13

-

6,682.88

-

7,675.00

-

11,901.35

Banks

Long-term

Short-term

Other Sector

Long-term

Short-term

Currency and Deposits

Monetary Authority

General Government

Banks

-

7,715.47

-

11,323.23

-

12,069.24

-

10,149.53

-

11,901.35

-

Other Sector

1/ Revised

2/ Provisional

126

Source: CBN

Table 70

International Investment Position of Nigeria 1/

(Naira Millions)

Type of Asset/Liability

2013

2014

2015

2016

2017 /2

Net international investment position of Nigeria (2,069,116.46) (5,934,404.25) (8,486,974.55) (16,048,391.81) (17,657,637.00)

-

23,526,083.88 25,174,187.68 28,627,222.12 42,620,725.84 47,018,896.14

-

ASSETS

Direct investment abroad

1,348,379.46

-

1,740,737.61

-

2,297,900.01

-

3,958,251.95

-

4,364,178.18

-

Equity Capital and Reinvested Earnings

Other Capital

Portfolio investment abroad

Equity Securities

Monetary Authority

3,101,451.93

2,730,475.86

-

3,959,141.16

3,438,527.57

-

4,914,363.61

4,245,574.33

-

7,669,412.28

6,622,239.28

-

7,696,810.32

6,645,756.09

-

General Government

Banks

Other Sector

-

2,730,475.86

-

3,438,527.57

-

4,245,574.33

-

6,622,239.28

-

6,645,756.09

-

Debt Securities

370,976.07

-

520,613.59

-

668,789.28

-

1,047,173.01

-

1,051,054.22

-

Bonds and Notes

Monetary Authority

General Government

Banks

-

Other Sector

-

370,976.07

-

520,613.59

-

668,789.28

-

1,047,173.01

-

1,051,054.22

Money Market

Monetary Authority

General Government

Banks

-

370,976.07

-

520,613.59

-

668,789.28

-

1,047,173.01

-

1,051,054.22

Other Sector

-

Financial Derivatives

Monetary Authority

General Government

Banks

Other Sector

Other Assets

12,392,993.25 13,664,203.87 15,856,990.83 22,774,430.54 22,935,416.35

2,508,088.74

Trade Credit

2,303,811.97

-

1,482,236.81

-

1,737,096.36

-

2,300,916.60

-

Monetary Authority

General Government

Banks

-

2,508,088.74

-

2,303,811.97

-

1,482,236.81

-

1,737,096.36

-

2,300,916.60

Other Sector

Loans

1,420,519.25

-

2,023,575.25

-

2,728,698.70

-

3,803,112.27

-

4,368,504.34

-

Monetary Authority

Long-term

Short-term

-

General Government

Long-term

Short-term

-

651,032.38

-

651,032.38

1,372,542.88

-

612,879.06

-

612,879.06

2,115,819.65

-

785,032.81

-

785,032.81

3,018,079.46

-

633,155.84

-

633,155.84

3,735,348.50

-

Banks

460,129.06

-

460,129.06

960,390.20

-

Long-term

Short-term

Other Sector

Long-term

Short-term

Currency and Deposits

Monetary Authority

General Government

Banks

8,464,385.25

-

9,336,816.64 11,646,055.31 17,234,221.91 16,265,995.41

-

1,686,600.30

1,985,826.23

5,664,390.11

5,810,105.05

-

411,691.66

-

5,398,413.39

-

1,444,563.26

1,664,743.17

5,355,078.82

6,683,259.24

-

402,358.40

-

6,280,900.84

1,687,745.75

1,422,564.82

8,535,744.74 12,837,730.61 12,571,132.34

2,584,960.63

1,811,530.68

2,438,521.54

1,256,341.53

Other Sector

Reserve Assets

Gold

5,557,967.67

8,218,631.07 12,022,491.30

-

456,480.09

-

611,929.65

-

650,823.70

-

Special Drawing Rights

Reserve Position in the Fund (IMF)

Foreign Exchange

5,101,487.58

7,606,701.41 11,371,667.60

127

Table 70 Cont’d.

International Investment Position of Nigeria 1/

(Naira Millions)

Type of Asset/Liability

LIABILITIES

2013

2014

2015

2016

2017 /2

25,595,200.34 31,108,591.93 37,114,196.68 58,669,117.65 64,676,533.14

12,786,712.78 14,706,375.05 17,633,006.75 28,679,069.48 29,843,419.85

12,497,946.96 14,390,033.18 17,265,833.95 28,109,823.82 29,271,597.53

Direct investment in Reporting Economy

Equity Capital and Reinvested Earnings

Other Capital

Portfolio investment in Reporting Economy

Equity Securities

Monetary Authority

General Government

Banks

288,765.83

8,448,142.88 10,088,323.28 12,181,072.65 19,450,813.64 22,120,843.13

316,341.87

367,172.80

569,245.66

571,822.32

4,167,169.14

-

4,710,530.67

-

5,361,431.94

-

8,407,173.72

-

9,328,147.83

-

4,167,169.14

-

4,710,530.67

-

5,361,431.94

-

8,407,173.72

-

9,328,147.83

Other Sector

Debt Securities

Bonds and Notes

Monetary Authority

General Government

Banks

4,280,973.73

3,450,994.17

-

3,450,994.17

5,377,792.62

4,300,981.64

-

4,300,981.64

6,819,640.71 11,043,639.92 12,792,695.30

5,460,305.22

8,761,231.59

9,522,485.23

-

5,460,305.22

-

8,761,231.59

-

9,522,485.23

-

Other Sector

-

829,979.57

-

1,076,810.97

-

1,359,335.49

-

2,282,408.33

-

3,270,210.07

Money Market

Monetary Authority

General Government

Banks

-

829,979.57

-

1,076,810.97

-

1,359,335.49

-

2,282,408.33

-

3,270,210.07

Other Sector

-

Financial Derivatives

Monetary Authority

General Government

Banks

-

Other Sector

Other Liabilities

Trade Credit

-

4,360,344.68

-

6,313,893.60

7,300,117.28 10,539,234.54 12,712,270.16

-

Monetary Authority

General Government

Banks

-

Other Sector

Loans

-

3,156,897.99

-

4,392,567.65

-

4,928,511.93

-

7,448,701.15

-

9,076,407.85

Monetary Authority

Long-term

Short-term

General Government

Long-term

Short-term

-

1,018,082.59

-

573,604.85

-

1,565,210.56

-

1,203,446.69

-

1,647,838.84

-

1,036,853.12

-

1,707,875.69

-

1,921,325.95

-

2,106,171.79

-

1,337,802.89

-

1,484,537.26

-

2,371,605.35

-

3,473,212.26

-

1,851,384.28

-

2,124,104.61

-

3,090,533.39

-

4,690,075.72

-

2,041,619.63

-

2,344,712.50

-

3,635,862.32

Banks

Long-term

Short-term

Other Sector

Long-term

Short-term

Currency and Deposits

Monetary Authority

General Government

Banks

-

1,203,446.69

-

1,921,325.95

-

2,371,605.35

-

3,090,533.39

-

3,635,862.32

-

Other Sector

1/ Revised

2/ Provisional

Source: CBN

128